Oil prices sank more than 8% to multi-year lows on Friday as OPEC’s allies rejected additional production cuts proposed by OPEC on Thursday.
U.S. West Texas Intermediate crude slid more than 8.6% to a session low of $41.85, its lowest level since August 2016. International benchmark Brent crude slid more than 8.5%, or $4.29, to trade at $45.70 per barrel. At its session low it was down more than 9%, touching its lowest level since at least June 2017.
The meeting between OPEC and its allies, known as OPEC+, concluded with no deal on additional production cuts. The cartel and its allies agreed to meet again to monitor the situation.
On Thursday, OPEC recommended additional production cuts of 1.5 million barrels per day from the beginning of next month until the end of the year. The 14-member group scheduled a meeting on June 9 to review the policy.
The proposal was conditional on support from non-OPEC producers, including Russia. OPEC cautioned that the deal could only be applied on a…
