LONDON: Oil prices sank Monday, matching a fierce selloff on stock markets, as hopes of a cut to crude output faded.
Prices had rebounded in Asian trading after Opec producers Saudi Arabia and Venezuela held talks on the beleaguered market, raising hopes of production cutbacks.
However, the oil markets were down about 2.5 per cent in European deals as equities fell and doubts emerged over a long-awaited deal between Opec and non-Opec oil producing nations.
In midday deals in London, Brent North Sea crude for delivery in April was down 61 cents at $33.45 a barrel.
US benchmark West Texas Intermediate for March delivery lost 84 cents to $30.05 a barrel, compared with Friday’s close.
Prices were down in part owing to “the lack of any breakthrough in talks “on possible cuts to crude output, said analyst Fawad Razaqzada at trading firm City Index.
Published in Dawn, February 9th, 2016
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