3/6, 7:59 PM (Source: TeleTrader)
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Major oil companies sink after OPEC+ deal failure

Shares of fossil fuel companies in the United States tumbled on Friday following the news that members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC ministers failed to reach an agreement on extending and possibly deepening output cuts.

Stocks of oil supermajors BP, Chevron, Exxon Mobil, Total and ConocoPhillips all dropped between 2% and 3% today following the disagreement between Russia and the cartel over implementing additional oil output cuts of 1.5 million barrels per day. Next to that, if no new deal is reached by April, countries will be able to freely boost their oil production.

Moreover, Brent for May deliveries plunged 7.97% to go for $46.21 per barrel at 1:34 pm ET, while West Texas Intermediate (WTI) for settlements in April plummeted 8.37% to sell for $42.24 per barrel concurrently.

Breaking the News / ND