Crude oil prices have taken a hit from the failure of oil-rich countries to reach an agreement Sunday on freezing production.

U.S. crude oil fell $2.21 to $38.15 a barrel in electronic trading on the New York Mercantile Exchange, down 5.4 percent early Monday in Asia. It sank to a low of $37.61 a barrel, down 6.8 percent before regaining some of that loss.

Brent crude oil, which is used to price international crude oil, fell $2.23 to $40.87 a barrel early Monday, down 5.1 percent. It tumbled 7 percent in earlier trading.

The effort to reach an accord on freezing production to support prices failed after Iran stayed away from a weekend meeting of 18 oil producing nations in Qatar that had been expected to boost crude prices.