Asia loses steam, Shanghai down 0.8% – CNBC
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In Asian trade, U.S. crude futures for April delivery were down 1.23 percent at $32.96 a barrel as of 10.30 a.m. HK/SIN time. But overnight, oil prices rose again; U.S. crude futures for March delivery, which expired Monday after the close, settled up 6.21 percent.
Global benchmark Brent also fell 1.27 percent to $34.25 a barrel, after gaining 5.3 percent in overnight trade.
But Japan’s Fuji Oil was down 1.85 percent in morning trade.
Andres Jamie Martinez of Barclays said in a morning note that the oil price rebound overnight was “partially explained by the recent talks about an output freeze, but the price action looked more like a short squeeze in a nervous market.”
OPEC’s secretary general Abdalla Salem El-Badri said on Monday both OPEC and non-cartel countries are willing to cooperate to find a solution to low oil prices.
In recent weeks, major oil producers, including Saudi Arabia and Russia, met in Doha and have said they are ready to freeze production at January levels if other producers do the same.
Iran, which returned to the international oil market after U.S.-led sanctions on the Persian state were lifted earlier this year, welcomed the deal. But it stopped short of saying it would itself freeze production at January levels. Instead, Iran’s deputy oil minister said Saturday the country will increase production soon.
Asia loses steam, Shanghai down 0.8% – CNBC}