WASHINGTON, April 18 (UPI) -- Crude oil prices were sharply lower Monday, a day after a production meeting collapsed in Doha, but movement was buffered somewhat by Kuwaiti labor strikes.
Crude oil prices in overnight trading were off by as much as 7 percent after a long-anticipated meeting in Doha ended Sunday without a deal to freeze production. Rumors of a deal to keep output at January levels helped drive oil prices back above the $40 per barrel mark, though doubts of an agreement started surfacing last week.