Oil prices plunge after Opec+ deal collapses

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Oil prices plunge after Opec+ deal collapses 1

NEW YORK: Oil prices plunged to multi-year lows on Friday after a deal between the Organisation of the Petroleum Exporting Countries (Opec) and its allies, led by Russia, collapsed in Vienna, reported Xinhua news agency.

The West Texas Intermediate (WTI) for April delivery decreased US$ 4.62, or 10.07% to settle at US$ 41.28 a barrel on the New York Mercantile Exchange.

Brent crude for May delivery fell US$ 4.72, or 9.44%, to settle at US$ 45.27 dollars a barrel on the London ICE Futures Exchange.

The meeting between Opec and its partnering countries, known as Opec+, concluded with no deal on additional production cuts on Friday.

On Thursday, Opec recommended additional production cuts of 1.5 million barrels per day from the beginning of next month until the end of the year. – Bernama


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