Oil prices tumbled giving back most of the gains they recorded from previously bullish market sessions.
The Organization of the Petroleum Exporting Countries is in the middle a 4-day technical meeting (from August 21 -25) with non- members in Vienna in order to discuss compliance levels with the cartel’s production deal. Investors are waiting for concrete updates. As of now, there was no major news that came up from the producers and that made investors go short on oil.
The global benchmark, Brent crude fell by $1.06, or 2%, on the latest market session and was being sold at $51.66 per barrel in the ICE futures Europe.
September West Texas Intermediate crude oil was also down by $1.14, or almost 2.4%, and pinned prices at $47.37 per barrel in the New York Mercantile Exchange.
Asian stock indexes closed the session mixed after Wall Street traded in the bull. Investors look forward to the gathering of central bankers that is scheduled for this week.
Hong Kong’s Hang Seng Index was up by 2 percent to end the session with 27,421.58 points and Seoul’s Kospi was also up by 0.3 percent, ending the session at 2,362.40. In mainland China, the Shanghai Composite index lost 0.1 percent closing at 3,283.27. Tokyo’s Nikkei 225 kept stable trading at 19,402.21.