U.S. oil prices rose in Asia on Tuesday, despite receding hopes of a coordinated production cut between major oil producers.
A Sunday meeting between Saudi Arabia and Venezuela ended without any plans for production cuts, damaging hopes that the world’s major exporters will cooperate on output cuts.
Still, even the discussions of production cuts were seen as mildly positive.
Supplies of crude oil are likely to only increase in the near term with the animosity between Iran and Saudi Arabia preventing the two nations from coordinating their supplies.
“We are certainly forecasting prices to weaken to $28 per barrel,” adding that the market was reaching a point where U.S. oil production starts to shut down either because of companies going bust or oil wells drying up as drilling becomes too expensive.
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