Oil prices tumbled on today after a meeting in Qatar

 Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output.
Tensions between Saudi Arabia and Iran were blamed for the failure which revived industry fears that major government-controlled producers will increase their battle for market share by offering ever-steeper discounts.
The failure also made the credibility of the OPEC producer cartel in tatters and the world awash with unwanted fuel.
"OPEC's credibility to coordinate output is now very low," said Peter Lee of BMI Research, a unit of rating agency Fitch.
"This isn't just about oil for the Saudis. It's as much about regional politics."
Morgan Stanley said that the failed deal "underscores the poor state of OPEC relations.’’
"We now see a growing risk of higher OPEC supply," especially as Saudi Arabia threatened it could hike output following the failed deal.
Oil prices have fallen by as much as 70 per cent since mid-2014 as producers have pumped one to two million barrels of crude every day in excess of demand.

Read more at http:Dailytrust

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