Oil prices hit one-month lows as prospects of Middle East producers agreeing to curb chronic oversupply faded, and other commodities also lost ground as the dollar stabilized after Friday’s strong U.S. data.
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Oil prices hit one-month lows as prospects of Middle East producers agreeing to curb
chronic oversupply faded, and other commodities also lost ground as the dollar stabilized after Friday’s strong U.S. data.Brent crude, the international benchmark, traded down 36 cents a barrel at $38.31, having fallen as far as $38.18, its lowest since March 4.
Prices have fallen from highs above $100 a barrel since mid-2014 on a supply glut. Brent topped $42.50 last month in anticipation of agreement among producers to freeze output. However, such steps look increasingly unlikely.
