Oil drops over 4% on OPEC output cut doubts

Markets 12/6/2018, 12:15 PM
Oil drops over 4% on OPEC output cut doubts

Oil prices extended losses on Thursday on concerns the Organization of the Petroleum Exporting Countries (OPEC) and other major producers will not manage to reach an agreement to reduce production.

During the OPEC+ meeting in Vienna, Saudi Energy Minister Khalid al-Falih proposed output cuts of 1 million barrel per day, but warned that the measure will only be agreed on if everyone is on board. However, Iranian Petroleum Minister Bijan Zanganeh insisted the country will not reduce its crude output as long as it is subject to United States sanctions, bringing the future of the deal into question.

International benchmark Brent for deliveries in February plunged 4.74% to sell for $58.64 per barrel at 12:01 pm CET and West Texas Intermediate (WTI) futures for January delivery slid 4.59% to go for $50.42 per barrel at 12:02 pm CET.

Breaking the News / NP


F WBS-0.39%

Chart for: F WBS 1/19

Brent Crude (...-0.35%

Chart for: F BRN 2/19