No OPEC Deal? – Unprecedented Situation in Oil

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OPEC ministers had said on Thursday that the coronavirus outbreak created an “unprecedented situation” that demanded action, as measures to stop the virus spreading dampens global economic activity and oil demand.

  • Oil prices sank to multi-year lows on Friday as the outcome from the OPEC+ meeting in Vienna remained uncertain.
  • OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday.
  • Both U.S. West Texas Intermediate crude and international benchmark Brent crude fell more than 8% at the session low.