Oil Prices Under Pressure on Doha Deal Failure

Reuters reported that oil prices were under pressure on Monday after a meeting of the world’s top oil producers in Doha failed to produce an agreement for an output freeze. Prices stabilized after an initial dip.
As quoted in the publication:

Global benchmark Brent was up 4 cents at $43.15 by 1 p.m. ET (1700), having earlier touched a session bottom of $40.10.
U.S. crude futures were down 50 cents at $39.86 a barrel, after falling as low as $37.61 earlier in the day.
Traders said an oil worker strike in Kuwait that cut the country’s crude output by some 60 percent prevented Brent from tumbling below $40 per barrel. A cut in U.S. drilling down to 2009 levels had prevented steeper falls.

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