Crude prices hover under $29 as investors await Iraq, Iran oil meeting

Crude oil prices hovered under $29 a barrel in Asia trade Wednesday, but pared most of Tuesday’s gains as investors remained skeptical that a proposed deal to freeze output by major oil producers would come to fruition.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, -0.31%   traded at $29.94 a barrel, down $0.10 in the Globex electronic session. April Brent crude LCOJ6, -0.28%  on London’s ICE Futures exchange fell $0.04 to $32.14 a barrel.

Goldman Sachs, the first of the few banks that called for oil prices to drop to $20 a barrel before rebounding, said the Doha deal presents “little impact” but “high uncertainty that it will even materialize.”

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