SINGAPORE: Oil prices eased in Asia Tuesday as doubts emerged that Saudi Arabia and other major producers would reach an agreement to freeze output during a meeting next month. “Some doubt about a possible deal to freeze output could have set in,” IG Markets Singapore analyst Bernard Aw told Agence France-Presse. Any agreement to curb production would help rebalance the crude oil market, where output has been running ahead of demand. “The Saudis are happy to commit to some sort of OPEC-wide supply freeze deal so long as Iran is party to it. And Iran refuses to agree to any deal that will inhibit them from lifting their oil output to pre-sanctions levels.” AFPAFP/CC

Source: Manila Times August 16, 2016 08:15 UTC