Oil Prices Have Collapsed After OPEC+ Talks End Without A Deal

CNBC: Oil prices plunge 8% after OPEC+ fails to agree on a massive production cut

* Oil prices sank to multi-year lows on Friday as OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday.
* U.S. West Texas Intermediate crude fell nearly 9% at the session low, while international benchmark Brent crude dropped more than 9% at its low. Each contract shed more than $4.00 at the session low.
* The current production cuts will be in place until the end of March as planned, but it’s uncertain if they will extend beyond this month.

Oil prices sank more than 8% to multi-year lows on Friday as OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday.

U.S. West Texas Intermediate crude slid more than 8.8% to a session low of $41.77, its lowest level since August 2016. International benchmark Brent crude slid more than 8.5%, or $4.29, to trade at $45.70 per barrel. At its session low it was down more than 9%, touching its lowest level since at least June 2017.

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WNU Editor: For countries that are dependent on oil exports and high prices, this is a disaster.

More News On The Collapse Of Oil Prices

OPEC cuts deal falls apart as Russia resists, sending oil into tailspin -- Reuters
OPEC, Russia fail to agree on output cut, oil price dives -- AP
Oil Nosedives As OPEC Fails To Strike A Deal -- OilPrice.com
"Today Will Be A Regretful Day" - Oil Prices Have Collapsed After OPEC+ Talks End Without A Deal -- Zero Hedge

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