Brent oil extends drop as Iran spurns production freeze deal | The National

Brent oil extends drop as Iran spurns production freeze deal | The National:

"Brent dropped for a second day as Russia signalled Iran won’t join major producers in freezing output to manage a global glut.

Futures lost as much as 1 per cent in London after falling 2.1 per cent Monday. Iran has “reasonable arguments" for not joining an alliance to cap production now, Russian energy minister Alexander Novak said after meeting with his Iranian counterpart. Talks on the freeze are most likely to occur in Qatar’s capital Doha next month, according to Gulf Opec delegates. US stockpiles probably expanded last week, keeping supplies at the most since 1930.

“Supply is still the key factor for the market," David Lennox, an analyst at Fat Prophets in Sydney, said by phone. “If there is a meeting and it does result in a decision on definitive action, that will be positive for prices, but history is against anything happening,""



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