Oil prices have slipped amid fading hopes of an agreement to limit production. <br /><br /> The benchmark Brent crude is hovering around $49 dollars a barrel.<br /><br /> Despite the market being oversupplied, prices rose more than 20 percent in the first three weeks of August.<br /><br /> That followed talk of a potential deal by oil exporters to freeze the amount they are pumping at current levels to try to support prices.<br /><br /> Hopes of an agreement have now been dampened and industry experts said even if it happened, the effect on prices would be minimal. <br /><br /> Members of the Organization of the Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which brings producers and consumers together in Algeria on Sept. 26-28.<br /><br /> US investment bank Jefferies said in a report: “We do not expect a production freeze – let alone a production cut – from the OPEC meeting.”<br /><br /> Reports find price is not right for OPEC production freeze https://t.co/IZ8KacYTNj via crudeoilprices petromatrix— petromatrix (@petromatrix) August 24, 2016<br /><br /> The glut has pulled down crude prices from over $100 a barrel in 2014 to their current levels, below $50.<br /><br /> There is a lot of oil and distilled petroleum product in storage worldwide as demand weakens, particularly in China and elsewhere in Asia.<br /><br /> Oil prices waver as disappointing U.S. inventory data fuel oversupply concerns https://t.co/1i6dRWyjGu— MarketWatch (@MarketWatch) August 25, 2016<br />
