A summit in Doha between the world’s largest oil producing countries ended without an agreement on Sunday, as country leaders failed to strike a deal to freeze output and boost sagging crude prices.
The conference’s failure sent crude prices tumbling in early trading on the NYMEX, which fell by more than 6 percent as traders resumed the commodity’s sell-off. Stock futures also fell in sympathy, indicating a lower open on Wall Street on Monday.
Initially, the meeting’s outcome was thrown into doubt after Iran made a last minute decision not to attend and Saudi Arabia vowed not to halt or freeze production unless other major producers did the same. Amid strains between the regional rivals, nearly 20 of the world’s largest oil exporters could not find enough common ground to hold the line on output after marathon talks.