Oil prices weakened on Monday

International benchmarks for oil prices went down on Monday (14 March) as market renews concern over the probability of OPEC members would commit to an output freeze agreement after Iran reaffirmed that it would not join such agreement before the country achieve pre-sanction production levels. Meanwhile, Russian oil minister informed that meeting between major oil producers to further discuss on the production output will be postponed to April. Prices plunged after the news. However, later report on Saudi Arabia production in February showed that the country is keeping to a preliminary deal with other producers to freeze output at just above 10 million barrels. This has fueled market optimism again in today trade. 

WTI closed at   $37.18/b (-$1.32)
Brent closed at $39.53/b (-$0.86)

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