Search ForexCrunch

OPEC and non-OPEC oil producers have failed to agree on an extension of existing oil production cuts, Reuters reported on Friday, citing two OPEC sources familiar with discussions.

“Previously sources said OPEC and non-OPEC had failed to agree on additional cuts to cope with the outbreak of coronavirus,” Reuters further noted.

WTI reaction

Crude oil prices came under renewed selling pressure on this development. As of writing, the barrel of West Texas Intermediate was down nearly 6% on the day at $43.25 and the barrel of Brent was erasing 5.7% at $47.20.