Fidelity bank banner Camano banner
Crude oil plunges after producers’ meeting in Doha flops

By News Express on 18/04/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,567


Crude oil is getting crushed to start the week.

Several oil producers, responsible for almost half of the world's output, failed to reach a production-freeze agreement at a meeting in Doha on Sunday. An agreement could have helped lift oil prices.

And just after the futures market opened around 6 p.m. ET, West Texas Intermediate crude fell 6% to as low as $39.02 per barrel.

Brent crude, the international benchmark of oil prices, fell nearly 7%.

Some analysts had called this the most important oil meeting in decades. It was widely expected that the meeting would end without an agreement.

Oil prices jumped last week, with WTI reaching a year-to-date high above $40 per barrel, after headlines crossed that OPEC heavyweight Saudi Arabia and Russia had agreed to freeze production.

But Iran was always the huge uncertainty. Iran recently struck a deal that restricts its nuclear programme, and in tandem, lifts economic sanctions — meaning it would be able to export oil.

And so with all the talk of holding production levels, Iran was looking to hit its target of 4 million barrels per day.

Saudi had maintained it would not sign a deal without Iran’s involvement.

After news of the non-agreement in Doha crossed, commodity currencies including the Canadian Dollar and the Australian Dollar fell.

•Sourced from Business Insider.

Source News Express

Posted 18/04/2016 12:47:31 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Journalist attacked as 24-hour curfew takes effect in...

Fraudsters exploit our condition, Chibok girls parents cry...

Senator Abe loses confidence in Rivers REC •Decries...

God’s eyes and our political, spiritual, other leaders,...

El-Rufai in the wilderness

Police, NSCDC move to ensure tight security for...

Appeal Court upholds conviction of 14 foreigners for...

Chad parliament approves new constitution giving president more...

Amaechi vs Jonathan: Soldiers take over Port Harcourt...

Obiano’s educational reforms and Anambra’s chart-topping performances

Ajaokuta to generate revenue: Fayemi

Protests rock Anambra over INEC’s refusal to declare...

 

Latest News APC blames PDP for ASUU strike, NLC agitation and oil marketers’ agitation I can’t wait for presidential debate — Atiku Igbo, most marginalised ethnic group in Nigeria — Nwodo Buhari assures oil and gas producing communities of derivation fund MOSOP welcomes resignation of Environment Minister, says HYPREP has failed Justice Ajumogobia slumps in court Boko Haram: Nigerian Military lifts suspension on UNICEF Buhari to state governors: Nigeria’s economy in bad shape FG commissions radio frequency monitoring equipment, national control centre 11 dead as police, clash with supporters of ex-al Shabaab leader in Somalia US Federal Judge declares Obamacare unconstitutional More trouble for Huawei as doors close around the world

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (430,341 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (395,106 views) Shameless Genevieve Nnaji exposes breasts in public (328,000 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (281,770 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (248,049 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (229,382 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (212,282 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (193,456 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (179,861 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (170,620 views) Lagos plane crash: Journalist releases victims’ names (167,359 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (153,806 views)

 

CBN banner Zenith Zero Balance First Bank chat banking

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (76) Business & Economy (3,883) Business Verdict (54) Columnists (974) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (575) Features (679) Global Business Monitor (313) International (2,828) Interview (167) Live Commentary (28) Love Matters (147) Maggie's Blog (74) News (41,442) Opinion (1,153) Pidgin (13) Politics (8,179) Religion (916) Sports (1,821) Stock Watch (35) AMA & Al Jazeera Global Update

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera