TOKYO, Sept 5 Crude prices inched down on Monday
in Asia, paring 3 percent gains in the previous session amid
worries over a global oil glut.
London Brent crude for November delivery was down 18
cents at $46.65 a barrel by 2245 GMT on Sunday.
The global benchmark settled up $1.38 on Friday after a weak
U.S. jobs report hurt the dollar. It was also helped by a report
that Russian President Vladimir Putin supports OPEC's attempts
to implement an output freeze with other producers.
NYMEX crude for October delivery was down 18 cents at
$44.26 a barrel, after closing up $1.28 on Friday. The trading
in U.S. crude is likely to be limited on Monday because of the
U.S. Labor Day holiday.
Brent rallied to above $50 a barrel by late August helped by
growing talk of a coordinated production freeze, but the prices
have since fallen as few believe OPEC will cut output.
Cooperation between Russia and Saudi Arabia will bring
benefits to the global oil market, Saudi Arabia's powerful
deputy crown prince Mohammed bin Salman told Putin on Sunday.
Russia and Saudi Arabia, the world's leading oil producers,
are seeking ways to prop up a weak oil market.
Iran is ready to support any decision to help restore
balance to the oil market after it regains its pre-sanctions
market share, the Iranian Oil Ministry's SHANA news agency
reported on Saturday, quoting a minister.
Iran, OPEC's third largest producer, has been sending
positive signals that it may support joint action to prop up the
oil market, potentially aiding efforts to revive a global deal
on freezing production levels.
Russian Energy Minister Alexander Novak said on Saturday
that an oil production freeze would be one of the issues
discussed by crude producers at their meeting later this month
Yemen's 150,000 barrels-per-day Aden oil refinery resumed
operations on Sunday after being shut for more than a year as
the conflict in the country worsened, an industry official at
the refinery said.
Money managers cut their net long U.S. crude futures and
options positions in the week to Aug. 30, the first time in
nearly a month, data from the U.S. Commodity Futures Trading
Commission showed on Friday.
(Reporting by Osamu Tsukimori; Editing by Peter Cooney)