Oil prices slicing hard after unsuccessful oil conference

- The price of oil went down hard Monday after the biggest oil countries Sunday did not reach agreement on measures to shore up the sharp fall in price. The sixteen countries wanted to find a solution relevant to achieving the overproduction of oil, but did not agree in Doha.

The price of a barrel of American oil fell Monday morning nearly 5 percent to $ 38.50. Brent oil was over 4 per cent, at $ 41.35 per barrel.

The oil producers wanted to make Doha agreement to freeze oil production at the level of January, in order to prevent a further fall in the price. Sixteen countries, including Saudi Arabia and Russia, accounting for around half of global production.

Iran moved this weekend to the negotiating table to. Tehran wants to correct significantly more to produce oil after the removal of the sanctions against the country. This was against the sore leg, in particular Saudi Arabia, but also some other Gulf states. Demanding that at least all members of oil cartel OPEC, including Iran, would sign the agreement.

Probably get the country back together in June.