Crude Oil Futures Rise as OPEC Fails to Agree on Output Quotas
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Crude oil increased to a one-week high after OPEC’s failure to reach an accord on output targets for the first time in at least 20 years.
Futures gained 1.2 percent following what Saudi Oil Minister Ali al-Naimi said “was one of the worst meetings we’ve ever had.” Ministers from the 12-nation Organization of Petroleum Exporting Countries were unable to come to an accord in five hours of talks in Vienna yesterday. Prices also rose as the U.S. trade deficit narrowed in April.