Crude futures were mixed in Asian market on Monday after meeting between OPEC producers Saudi Arabia and Venezuela concluded with weak outcome. The meeting was organized with motive to increase coordination in order to boost oil prices. Saudi Arabia's oil minister Ali al-Naimi talked about cooperation between Organisation of Petroleum Exporting Countries members and other oil producers to stabilise the global oil market with his Venezuelan counterpart on Sunday, but there was no agreement to hold an early meeting of suppliers.Venezuela's Oil Minister Eulogio Del Pino, who is on a tour of oil producers to lobby for action to prop up prices, said his meeting with Naimi was "productive."
The prospect of a supply restraint helped oil prices rise from 12-year lows last month, even though there was widespread skepticism that a deal will happen.
