Oil prices have dropped to a one-month low as demand for gasoline in the US falls.

Brent crude fell 26 cents at $37.43 a barrel, while the US futures fell by 21 cents to $35.49, Reuters reported.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Doubts on whether oil producers will agree on the output freeze proposal also led to a fall in oil prices.

"Saudi Arabia said it will only freeze production if Iran agrees to do so."

Data revealed by the US Energy Information Administration found that gasoline demand in the US witnessed a slump in January.

Major oil producers are set to meet in Doha on 17 April to discuss on output freeze proposal at January levels, but a rise in Russian oil production in March has cast doubt over the chances of agreement.

See Also:

Saudi Arabia said it will only freeze production if Iran agrees to do so.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

BNP Paribas analysts said that an emerging gasoline glut could add to a global overhang in crude production and prices could come down further.

Kuwait OPEC Governor Nawal Al-Fuzaia said that an agreement at the meeting could freeze output at February levels or an average of January, as well as February.