Oil prices drop sharplyÂ
Moscow/Sputnik/UNI: Oil prices fell by more than 30 percent on Monday, in the wake of OPEC oil producers’ failure to agree on deeper production cuts.
As of 04:41 GMT, the price of May futures for the Brent Crude oil dropped by 28.69 percent to $32.28 per barrel. The value of April futures for WTI crude oil decreased by 31.35 percent to $28.33 per barrel.
The Saudi-led OPEC, or the Organization of the Petroleum Exporting Countries, has had production cutting pacts since 2016 with non-member allies led by Russia.
The wider alliance, known as OPEC+, met in Vienna on Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilize the oil market, without mentioning any deeper cuts.
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