Oil prices nosedive after OPEC+ deal collapses
Oil prices have plunged to multi-year lown on Friday after a deal between the Organisation of the Petroleum Exporting Countries(OPEC) and its allies,led by Russia,collapsed in Vienna.
With no deal on additional production cuts,the meeting between OPEC and its partnering countries,known as OPEC+,concluded on Friday
The West Texas Intermediate (WTI) for April delivery decreased by 4.62 US dollars,or 10.07 percent,to settle at 41.28 dollars a barrel on the NEW YORK Mercantile Exchange.
On the London ICE Futures Exchange,Brent crude for May delivery fell 4.72 dollars or 9.44 percent,to settle at 45.27 dollars barrel.
Earlier on thursday,OPEC recommended additional production cuts of 1.5million barrels per day from the beginning of next month until the end of the year.
