OPEC Meeting: Oil Prices Fall As Iran, Iraq Disagree With Production Cuts
October 30, 2016
As the FBI announced a fresh probe into Hillary Clinton’s emails Friday, the stock market sentiment turned negative, with stocks reversing gains made the day before. But crude oil prices were hit with a double whammy as a meeting of the Organization of the Petroleum Exporting Countries (OPEC) could not agree on production cuts, again.
Global benchmark Brent crude prices fell 1.51 percent to $49.71 a barrel, the lowest since Sept. 30. West Texas Intermediate, the U.S. benchmark, fell 2.05 percent, the $48.7 a barrel price just a cent more than the previous low on Oct. 4.