Oil prices dipped on Monday

International benchmarks for oil prices dipped lower in Monday (18 April) after 16 major oil producers met in Doha to discuss about measures to bring supply back to demand but fail to conclude any agreement. Saudi Arabia kept its political stance over Iran saying that the country would only curb production output if Iran follow suite. Market loses as much as 5% in overnight trading. However, workers strike in Kuwait has taken out more than 50% of the country output and push the market up later on. Analysts expected oil prices are unlikely to revisit its historical low as US production is falling while demand is growing. 

WTI closed at $39.78/b (-$0.58) May delivery
Brent closed at $42.91/b (-$0.19) June delivery