By Kim Hjelmgaard, USA Today–
Crude oil prices fell sharply Monday as energy ministers from the world’s largest oil suppliers failed to reach an agreement on freezing production to support prices.
U.S. and international oil benchmarks fell about 2% after earlier tumbling as much as 7%.
Over the weekend, the 18 members of the Organization of the Petroleum Exporting Countries, or OPEC, gathered in the Qatari capital Doha for talks aimed at reaching an accord on tightening supply to boost prices. The meeting ended without a deal after Iran said it would increase its output following the lifting of economic sanctions.
Saudi Arabia, the world’d largest oil supplier and the most powerful OPEC member, sought unanimity for any production freeze.
May oil futures declined 2.58%, or $1.04, to $39.32 per barrel on the New York Mercantile Exchange. In London, crude oil prices fell 2%, or 86 cents per barrel, to $42.24 per barrel.
Oil prices dipped under $30 a barrel in January — a 12-year low — but had risen in recent days on expectations OPEC would act to slow production.
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