In the Middle East, hopes for a quick recovery in global oil prices have been dashed.
That’s after the world’s biggest oil producers failed to strike a deal on cutting production output.
CCTV America’s Roee Ruttenberg reports.
Doha talks between the world\'s major oil producers collapseIn the Middle East, hopes for a quick recovery in global oil prices have been dashed. That's after the world's biggest oil producers failed to strike a deal on cutting production output. CCTV America's Roee Ruttenberg reports.
U.S. crude prices took the biggest hit, falling more than a percent to just under $40 a barrel. The international benchmark, Brent Crude, dipped more than a tenth of a percent to $43 a barrel.
Those declines would have been sharper but an oil worker strike in Kuwait cut the country’s output in half and helping reduce Monday’s losses.
Carl Larry on failed Doha oil talks
For a deeper dive into the failed Doha oil talks, CCTV America’s Mike Walter spoke to Carl Larry, director and principal consultant for oil and gas at Frost & Sullivan.