Oil prices fall 2 percent on doubts potential output cap will erode glut | Reuters:
"Oil futures fell more than 2 percent on Tuesday, eroding some of the previous day's gains, over doubts a potential production freeze will have any impact on a supply glut.
Big oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, only if other producers also do the same.
"If they freeze production at January levels when you're already over supplied by around a million barrels per day it just prolongs that situation of oversupply," said Energy Aspects' analyst Dominic Haywood."
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