Shutterstock photoBy Jenny W. HsuCrude oil prices headed lower in early Asia trade Monday, after a sharp rise over the weekend as market sentiment continues to be weighed down by persistent glut in the market. Venezuela, for example, is grappling with the worst recession in 70 years due to diminishing oil sales. On Saturday, Iran's state-owned Shana news agency reported the Deputy Petroleum Minister Amir Hossein Zamaninia as saying that Iran would support any decision to restore balance in the oil market once its market share reaches the presanction level. "The market is still in a wait-and-see mode on what major oil producers will do to help stabilize the market," a Singapore-based fuel oil trader said. Last week, U.S. crude oil grew by 2.3 million barrels and added one active oil rig, based on data by industry group Hugh Bakers.

Source: Wall Street Journal September 05, 2016 02:48 UTC