Oil plunges after output talks fail

Talks between the world’s biggest producers ended without any agreement on limiting supplies

18th April, 2016
Oil futures fell as much as 6.8 per cent in New York Pic: Getty

Futures fell as much as 6.8 per cent in New York, the biggest intraday drop since February 1. The summit in the Qatari capital, which dragged on for more than 10 hours beyond its initially-scheduled conclusion, finished with no final accord. There were significant hurdles to any deal after Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said the kingdom wouldn’t restrain its production without commitments from other major producers including Iran, which has ruled...

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