Oil Tumbles to Six-Year Low as OPEC Abandons Production Target

Updated on
  • OPEC effectively has no limit on crude production, Iran says
  • Gasoline, diesel futures close at lowest level since 2009

Oil Tumbles as OPEC Opens the Taps on Output Target

Oil fell to the lowest level in more than six years amid speculation that a record global glut will be prolonged after OPEC effectively abandoned its longtime strategy of limiting output to control prices.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.