Oil extends losses, falls 4% on OPEC deal worries
Energy prices continued to trade significantly lower on Tuesday after investors became increasingly worried the Organization of the Petroleum Exporting Countries (OPEC) will reach an agreement on the oil output freeze deal this November. Prices plunged over 4% during trading hours, after previously decreasing around 3% amid Iran’s announcement that it intends to pursue its production plans and that it won't implement any output cuts. Iran stated it will produce around 200,000 barrels per day more, showing no indication to collaborate with other oil producers to establish a production cap.
Iran’s statement comes after it was reported yesterday that Russian President Vladimir Putin discussed joint cooperation on the oil output freeze with Iranian counterpart Hassan Rouhani.
Meanwhile, West Texas Intermediate for January delivery lost 4.01%, changing hands for $47.08 per barrel at 6:58 p.m. CET. International benchmark Brent settlements for January declined 3.69% to trade for $48.23 per barrel at 6:59 p.m. CET.