Oil prices continue to remain volatile as Brent and WTI declined by more than 4% yesterday.  As a result, they lost most of the gains they had attained on the previous day. In the morning session, oil prices continued to weaken, recording losses up to 2.5%.  Brent is trading below the $33 per barrel mark, while WTI is around $31 per barrel.

Yesterday, the selling pressure was renewed following statements made by oil ministers of Saudi Arabia and Iran as the possibilities of production cut were declined by the Saudi Arabian oil minister al-Naimi. He expects other countries to agree on freezing their oil production at the January level, and growing demand to restore the balance in the oil market. The Iranian oil minister Zanganeh rejected the prospects of freezing its oil production, as the proposal would restrict Iran from recovering the market shares it lost following the sanctions.