Oil slipped from a three-month high amid uncertainty about when a meeting between Saudi Arabia, Russia and other producers to freeze output will occur as Iran seeks to rebuild its exports.
Futures in New York fell as much as 2.4 percent after Reuters reported that a meeting is unlikely on March 20. The time and date of a meeting among major producers remains uncertain, Russian Energy Minister Alexander Novak said Wednesday, according to a report from Interfax.
“Iran is not committing itself to production cuts and that’s helping push the market lower,” said Michael Hiley, head of OTC energy trading at New York-based LPS Partners. “The market’s been hoping that there will be some kind of deal being reached between OPEC and non-OPEC countries.”
West Texas Intermediate for April delivery sank 89 cents, or 2.3 percent, to $37.40 a barrel on the New York Mercantile Exchange at 9:42 a.m. New York time. The contract settled at $38.29 on Wednesday, the highest close since Dec. 4. Brent for May settlement lost $1.20, or 2.9 percent, to $39.87 a barrel on the London-based ICE Futures Europe exchange.
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