Oil futures traded sharply lower in Asia on Monday after a deal to freeze oil output by OPEC and non-OPEC producers fell apart when Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices, Reuters reported.
Nymex crude for May CLc1 was trading 6.7 percent lower at $37.68 a barrel. The Brent contract for June also dropped 6.7 percent to $40.18 a barrel LCOc1.