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Oil prices dip as investors cash in on overnight surge

What happens in Doha

Crude oil prices lost ground early Tuesday as traders took profit following the overnight surge, underscoring the growing mixed views that key oil producers could agree on a production freeze this Sunday.

The U.S. oil benchmark settled above $40 a barrel for the first time in three weeks and the global Brent benchmark touched a four-month high Monday, thanks to a weaker dollar and higher anticipation that major oil players, such as Russia and Saudi Arabia, would reach a coordinated production freeze to revive prices.

Although U.S. oil CLK6, +1.02% held on by staying above the $40 mark, it lost 30 cents at $40.23 on the New York Mercantile Exchange in the Globex electronic session, while the Brent June contract LCOM6, +1.35% was 15 cents, or 0.35%, lower at $42.68 a barrel on the ICE Futures Europe exchange.

“Expectations for something to be done in the upcoming Doha talks is likely mounting, given that no news of a cancellation has been made and it remains to be ground knowledge that higher oil prices through the Doha talks would primarily benefit the oil producers and alleviate...