Oil Tumbles to One-Month Low as OPEC Accord Remains Unresolved
- WTI futures erase post-Algiers meeting rally as doubts grow
- Non-OPEC nations end talks without commitments, Brazil says
OPEC Split Prevents Output Deal
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Oil tumbled to a one-month low after weekend talks between OPEC and other major producers failed to yield concrete details on an accord to reduce the global crude surplus.
Crude fell 3.8 percent in New York, the biggest drop in five weeks. The Organization of Petroleum Exporting Countries ended talks with non-members such as Russia and Brazil on Saturday without an agreement, Brazil’s Oil and Gas Secretary Marcio Felix said. The previous day, OPEC still hadn’t resolved how to allocate among its members an output cut announced last month. Iraq has joined Iran, Nigeria and Libya in seeking to be excluded from any curbs.