Oil stocks drop as Doha deal falls apart

Talks between 18 oil exporting nations in the Qatari capital of Doha to stabilize oil prices fell apart due to conflict between Saudi Arabia and Iran.

The Saudis insisted that Iran participate, however Iran has said it will not agree to reduce production levels until it reaches pre-sanction levels of output. German-based Commerzbank said in a statement, “Saudi Arabia intentionally torpedoed the agreement and was willing to accept its failure. This has severely damaged the credibility of oil producers in general and of OPEC in particular.”

U.S. crude futures were down 71-cents to $39.66 a barrel after falling as low as $37.61 earlier in the day.

(Written by: N. Reitmayer; Original information source: CNBC http://www.cnbc.com/2016/04/17/oil-price-falls-after-doha-summit-of-opec-other-producers-ends-without-output-freeze-deal.html)