West Texas Intermediated (WTI) crude oil declined by 6.33 per cent at $31.62 a barrel and Brent fell by 0.14 per cent to $34.69 a barrel as hopes for a deal on production did not scale through.
Russia had last week sent mixed signals about possible cooperation with Organisation of Petroleum Corporation (OPEC) to support prices. It first suggested it should start talking to the cartel before saying there was no decision to do so.
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