Oil futures traded sharply lower in Asia on Monday after a deal to freeze oil output by OPEC and non-OPEC producers fell apart. Nymex WTI crude for May was trading -4.8 percent lower as of 06:20 GMT while the Brent contract for June also dropped 4.7 percent. 

The development was expected to revive industry fears that major producers are again embarking on a battle for market share in a world already awash with unwanted oil. That's especially after Riyadh threatened to raise output steeply if no freeze deal were reached.