3/6, 11:52 AM (Source: TeleTrader)
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Oil prices drop more than 5% on OPEC deal uncertainty

Oil prices dropped more than 5% on Friday briefly after it was reported that Russia will not change its stance and further reduce its oil production to comply with the OPEC proposal of a 1.5 million barrels per day cut.

Moscow is said to be only willing to greenlight pre-existing reductions as it feels that financial stimulus packages would resolve the decline in global demand, without interventions in oil markets, according to several media reports.

Brent for May deliveries declined by 4.62% to go for $47.88 per barrel at 5:46 am ET, its lowest price in more than two and a half years, while West Texas Intermediate (WTI) for settlements in April dipped 4.49% to sell for $44.03 per barrel concurrently.

Breaking the News / MS