Home/Forex News Round Up

Oil Producers Send Crude Reeling After Output Deal Fails in Doha

Share Print 0

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.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.
, , , , , , ,
Back to Top