Oil prices dropped Monday as major crude producers failed to reach an agreement over a global output freeze at Sunday's talks in Doha, Qatar.
In Doha, major crude production countries could not agree to cap the production at January levels until October 2016 as Saudi Arabia insisted all the Organization of Petroleum Exporting Countries (OPEC) members joined including Iran. Iran, however, insisted that the country will reject any limits on its output before reaching pre-sanctions levels.
Crude oil recovered most of the loss on Monday, however, with a workers' strike in Kuwait slashing the country's oil output by more than half. The strike slashed the fourth-largest OPEC member's output by about 1.7 million barrels per day to 1.1 million barrels a day.
The West Texas Intermediate for May delivery moved down 58 cents to settle at 39.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 19 cents to close at 42.91 dollars a barrel on the London ICE Futures Exchange.
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