Crude prices drop as prospect of production freeze dims

Oil prices plunged Monday as Saudi Arabia said it would freeze its oil output only after other producers agree to do the same.

Countries from OPEC and non-OPEC will meet on April 17 in Doha to discuss the output freeze.

Mohammad bin Salman Al Saud, deputy crown prince of Sandi Arabia, Friday signaled the reluctance to freeze output unless other countries did the same. He said that if all countries agree to freeze production, then "we're ready."

Iran officials have made clear that the country will not participate in the output freeze until its production ramp up to the level before sanctions posed.

The West Texas Intermediate for May delivery moved down 1.09 U.S. dollars to settle at 35.7 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery decreased 98 cents to close at 37.69 dollars a barrel on the London ICE Futures Exchange.