Oil hovered around one-month lows on Monday, as investors ditched some of their bullish bets on another price rise.
This, also amid fading chances that top exporters would agree to rein in overproduction. ¨
Iran, for one, has reportedly said that it will continue to increase production and exports.
It wants to reach the market position it enjoyed before sanctions were slapped on the Islamic Republic.
Saudi Arabia, which spearheaded an initial proposal in February for producers to limit output, said last week that it would not join any effort to do so unless Iran were on board, while Russia reported its highest oil production in 30 years.
This has cast doubt on the ability of the world’s largest exporters to reach any such agreement when they meet this month in Doha to discuss how best to align global supply and demand.