This uncertainty is the result of a bearish statement given by Saudi Arabia's Energy Minister Khalid Al Falih. "It's also highly suspicious whether OPEC will keep its promises even if it achieves an accord because the members are constantly raising production".
The dollar and USA bond yields fell on Monday as investors reversed a "Trumpflation" trade that has gripped markets since the US elections, after oil prices slid on fears that producer countries meeting this week could fail to agree an output cut.
Last month, Zanganeh urged the non-OPEC producers to cooperate with OPEC to boost market stability.
Algerian Energy Minister Noureddine Boutarfa, architect of the preliminary agreement reached in Algiers, will travel to Moscow Monday with his Venezuelan counterpart before meeting Iraq's oil minister on Tuesday in Vienna, two OPEC delegates said.
Iran has refused to cut production until it regains its pre-sanctions levels of output - although OPEC members agreed it could be exempted from any deal - along with Libya and Nigeria.
Remo Fritschi, institutional sales manager at ADS Securities London, said: "With the Dow having closed after Friday's shortened session at fresh all-time highs, the questions that had been building for some days were just how high could this go and when would we reach the tipping point".
Moscow seeks clarification on Erdogan's Syria remarks
The Daily Sabah notes that Erdogan spoke with Russian President Vladimir Putin about Syria during two telephone calls last week. According to a written statement from the Turkish General Staff, the soldiers could not be reached since 3.30 p.m. (1230GMT).
"I don't think that we have one path only in OPEC meetings, which is cutting production - I think maintaining production at current levels is justifiable, taking into consideration the recovery of consumption and growth in developing markets and the United States", he added.
He added that the stakes of failure are high for producer nations dependent on oil export revenue.
It also marks a reversal of OPEC kingpin Saudi Arabia's two-year-old strategy of flooding the market to squeeze out rivals, in particular USA shale oil producers. A meeting between OPEC and non-OPEC producers that was to be held on Monday was called off after Saudi Arabia declined to attend. In turn neighbor country, Algeria supported the reduction of production by a total of 1.1 million barrels per day.
Since oil is traded in U.S. dollars, a strong greenback weighs on oil prices since it reduces costs and increases revenues for producers, especially those who operate domestically with other currencies, while it makes fuel purchases more expensive for importers that use their own currencies domestically, potentially hitting on demand. "The oil club (OPEC) wants to create a "Goldilocks" zone of between $50 and $60, high enough to increase revenue for beleaguered oil producers but not too high to trigger a wave of new output from the US shale patch", said Walid Khadduri from the Arab Gulf States Institute in Washington.
"They are looking at the prospect of production being increased next year both in the OPEC region and in other places, including Russian Federation".
The source said the peso's depreciation against the dollar was also affecting oil prices.