Asia Crude Oil Prices Drop 1% in Session

“Though Iran now sits roughly 200,000 barrels per day away from its monthly pre-sanctions peak in May 2011, we do not see it accepting restraints on its output, and without Iran's inclusion, Saudi Arabia will not take part,” Barclays bank said.
Because of the ongoing production and storage overhang in crude and refined products markets, Barclays said that the 20-percent price rally since early August was unwarranted, and that oil prices of $50 or higher were currently "unsustainable".
“Oil prices will likely experience another short-term dip in the coming weeks, in our view, before more sustainably moving to average $50 in Q4,” it added.