Oil slides after Iran snubs output freeze deal

LONDON:– World oil prices fell sharply on Monday after Iran reportedly announced over the weekend that it would not to join a proposed output freeze by crude producers. Around 1200 GMT, US benchmark West Texas Intermediate (WTI) for delivery in April was down 88 cents at $37.62 a barrel. Brent North Sea crude for May delivery sank $1.04 to $39.35 a barrel compared with Friday's close. "Iran made it clear at the weekend that it only intends to sign up to the oil production cap once it has reached a production level of 4.0 million barrels per day," said Commerzbank analyst Carsten Fritsch.–AFP

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