The decision came after the United States President, Donald Trump, urged the group to act in order to prevent further increases, even amid looming American sanctions on Iran, OPEC's third-largest producer.
"The Trump Administration has forecast that worldwide buyers will cut Iranian imports by as much as one million barrels a day once renewed sanctions take effect, according to people familiar with the matter".
In America, the number of working oil rigs rose by 10 to 869 last week, the highest level since March 2015, Baker Hughes data showed. Traders said the demand outlook for oil was dimming due to ongoing trade disputes between the United States and China, as well as economic trouble in Turkey potentially spreading across emerging markets.
Crude Oil prices have seen sharp swings in the recent past where prices marked a top at Dollars 75 per barrel for WTI crude in July and have reversed course since then, witnessing a six consecutive week losing streak. Iran's foreign minister said that the Organization of the Petroleum Exporting Countries (Opec) nation will not meet with USA at the United Nations General Assembly in NY in September, with sanctions on the Middle Eastern nation's oil industry set to be implemented on Nov 5.
The effects of the economic slowdown will take time to manifest, but analysts say investors are already becoming cautious.
Charters of super-tankers from the Middle East, on which Asia heavily relies to meet its oil demand, are dipping, according to ship brokerage Banchero Costa.
World trade volume growth peaked in January, and since then has almost halved to less than 3 percent by May, according to the Netherlands Bureau for Economic Policy Analysis.
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Last week, the jury acquitted Mr Hale of the charge after the judge ruled there was insufficient evidence against him. Ali was also found not guilty of affray and he shook hands with Stokes on leaving the dock.
Oil earlier rose higher amid supply concerns as Iran's foreign minister said the OPEC nation won't meet with the U.S.at the United Nations General Assembly in NY in September. "The recent cooling down of the market, with short-term supply tensions easing, now lower prices, and lower demand growth might not last", the IEA said in a monthly report.
Not a single tanker has loaded crude oil from the United States bound for China since the start of August, Thomson Reuters Eikon ship tracking data showed, compared with about 300,000 barrels per day (bpd) in June and July.
The direct impact on global demand for oil is negligible, Fritsch said. The rout countered oil-supply concerns amid U.S.
Australia, another rich economy in the region, has also seen strong demand, importing an some 370,000 bpd in July, up from an average of 333,000 bpd in the first half of the year. It's also some way off a record of more than 20 million bpd from April 2016.
Oil prices slipped on Monday as trade tensions and troubled emerging markets dented the outlook for fuel demand, though USA sanctions against Iran pointed towards tighter supply ahead.
Jameel Ahmad, global head of currency strategy and market research at FXTM, said there is a "risk off sentiment across global markets" amid a currency crisis in Turkey.