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Oil price plunged Monday a day after giant producers failed to reach a deal in Doha to freeze output, fanning fresh fears over a supply glut that has plagued the market.
Prices had rebounded last week on hopes the OPEC exporters’ club and other major players, including Russia, would agree to freeze output levels at Sunday’s meeting.
However, discussions in the Qatari capital floundered and a deal to curb abundant global oil supplies failed to materialise, sending the market reeling once again.
Trouble Ahead For Nigeria As Oil Freeze Meeting Ends Without Agreement
At around 1045 GMT, US benchmark West Texas Intermediate for delivery in May sank $1.13 to $39.23 per barrel. Brent crude for June delivery lost $1.23 to $41.87.
The Doha failure “has raised the fear that the current glut and oversupply issue is never going to be solved”, GKFX analyst James Hughes told AFP.
Prices had rebounded last week on hopes the OPEC exporters’ club and other major players, including Russia, would agree to freeze output levels at Sunday’s meeting.
However, discussions in the Qatari capital floundered and a deal to curb abundant global oil supplies failed to materialise, sending the market reeling once again.
Trouble Ahead For Nigeria As Oil Freeze Meeting Ends Without Agreement
At around 1045 GMT, US benchmark West Texas Intermediate for delivery in May sank $1.13 to $39.23 per barrel. Brent crude for June delivery lost $1.23 to $41.87.
The Doha failure “has raised the fear that the current glut and oversupply issue is never going to be solved”, GKFX analyst James Hughes told AFP.
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