Oil futures traded lower as dollar value strengthened, as well as concerns that a meeting of oil producing nations being held in Doha on Sunday will not curb excess supply.
The price of Brent crude LCOc1 dipped 34 cents to touch $44.35 a barrel, while price of US crude CLc1 fell by 49 cents to $41.68 a barrel, reported Reuters.
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Saudi Oil Minister Ali al-Naimi recently ruled out an outright cut in production of oil, which negatively impacted prices.
When asked about any plans to cut Saudi’s oil production, al-Naimi told the al-Hayat newspaper: "Forget about this topic."
Iran’s Oil Minister Bijan Zanganeh is not likely to attend the meeting; instead, the country plans to send a representative.
The country has already indicated that it does not intend to cut production, reported the news agency.
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By GlobalDataFurthermore, strengthening of the US dollar also weighed down the prices, as the currency makes dollar-denominated commodities expensive for other countries.
