By Mahmoud Gamal

Mubasher: Oil prices saw a steep open on Asian markets after the world's largest oil producing countries ended Doha summit without an agreement on Sunday.

At 5:50 GMT, Brent fell by 4.2% to $41.3 per barrel. Likewise, U.S crude oil declined by 4.6% to $39.77 a barrel.

Yesterday, the world’s largest oil exporters failed to reach a deal to freeze oil output for lack of common grounds, which sent oil prices reeling.

Oil analyst Ahmed Hassan Karam anticipated oil prices to near $35 per barrel as the failure of output talks would lead speculators to sell-offs.

Following the meeting, Mohammed Saleh, Qatar's oil minister, told reporters that oil producers need more time to outline common grounds for a deal to freeze output.

Accordingly, all talks over excess oil supply are on hold till the mid- 2017, said Karam.

Translated by Ahmed El-Sayed Ali