Oil prices dropped more than 3 percent on Monday to touch a one-month low on doubts about OPEC's ability to implement its planned production cut, even as cartel officials approved a document outlining their long-term strategy.
Officials from the Organization of the Petroleum Exporting Countries (OPEC) approved the document on Monday in a sign its members are achieving a consensus on managing production.
But OPEC has so far achieved little otherwise. Cartel representatives met on Friday in Vienna, and then again on Saturday with their counterparts from non-member producers. They did not reach any specific terms, and Iran has been reluctant to even freeze its output, sources said.
"The market is becoming a bit weary," said Kyle Cooper, analyst at ION Energy in Houston. "Unless OPEC can circle the wagons and get everyone on the same page, the market's going to be skeptical."