Investing.com - U.S. oil prices fell on Monday as the chances of Middle East producers agreeing to curb overproduction appeared to fade, while stubbornly high U.S. output and worries about Asia's economic outlook also dragged on prices.
U.S. crude futures were at $36.54 per barrel at 11:02 GMT, down 25 cents from their last settlement, while Brent crude was up 11 cents at $38.78. A global glut has pulled down oil prices by as much as 70% since 2014.
Iran said it would continue increasing its oil production and exports until it reaches the market position it enjoyed before the imposition of sanctions.
This makes a proposed deal by major producers to restrict ballooning output unlikely as top exporter Saudi Arabia said last week it would only participate if its rival Iran also took part.B