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Breaking: Oil Plunges 10% as OPEC Fails to Get Cuts

Published 03/06/2020, 03:01 PM
© Reuters.

Investing.com - Crude oil prices tumbled more than 10% in trading after settlement Friday, with traders left stunned OPEC couldn’t come up with a deal with Russia to cut production.

WTI futures fell 10.2% to $41.23.

London Brent, the global benchmark, sank 9.4% to $45.30.

Saudi Arabia was pushing for an additional production cut of 1.5 million barrels per day and there were hopes Russia would agree to help out. But Russia refused to play ball at the meeting today.

Traders are also likely reluctant to stay long crude over what could be a tumultuous weekend with regard to Covid-19.

Latest comments

The Saudis always cheat so why would Russia listen to them??
It will come back up, great opportunity to buy. OPEC + will come up with a deal and Covid will fade away. This might not be in the immediate short term, but by mid Summer price will be back up
Prophecy
You shall be my crystal ball
Yeap, sooner or later- ill be a buyer at 30dlls and below
should have taken vodka to the meeting
well there goes fracking and electric cars
That *****for big oil and good for clean air
Solar energy , natural gas or electric ?
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