Oil drops in Asia, Istanbul informal meeting in focus

Oil prices on both sides of the Atlantic kicked-off the week on a bearish note, extending retreat from multi-week highs for the second consecutive day.

Istanbul informal output talks & weekly supply reports in focus

Currently, both crude benchmarks extend the downside, with Brent down -0.85% at $ 51.49, while WTI drops almost 1% to 49.35. Oil extends Friday’s losses as sentiment remains dampened by weekend’s comments from the Iraqi oil minister and also on the back of increased nervousness ahead of this week’s informal meeting between OPEC and non-OPEC producers to discuss oil output cuts.

Moreover, bearish oil rigs count report published by Bakers and Hughes Oilfields Services Company on Friday, also added to the downside in the black gold. Goldman Sachs said in its recent note, "Since its trough on May 27, 2016, producers have added 112 (+35 percent) oil rigs in the U.S."

Focus now remains on the weekly US crude stockpiles report and the Istanbul meeting for further direction on the commodity.