Global crude oil prices fall by 2 per cent

14 March, New Delhi

Global crude oil prices fell about 2 percent, Monday, after Iran dashed hopes that there would be a coordinated output freeze any time soon. So Brent crude oil futures fell 70 cents, to 39.69 dollars a barrel.

Brent had hit a 12-year low in January. U.S. crude was down 79 cents, at 37.71 dollars a barrel.

Iran reportedly said it would only join discussions on an output freeze once it reaches a production of 4 million barrels a day. Iran’s oil exports are due to reach 2 million barrels per day on March 19.

Worries about demand fundamentals also moved back into the spotlight as investment bank, Morgan Stanley warned that a slowing global economy and high production would prevent any sharp rises in oil prices.