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Traders anticipating a resolution to the ongoing supply imbalance in the energy space were dealt another blow on Sunday as the producers attending the conference in Doha, Qatar left the meeting without a deal to freeze production.
Already since the weekly reopening, crude oil prices have plunged, with West Texas Intermediate tumbling back below $40.00 per barrel, slumping -4.56% to $39.81 per barrel while Brent has slipped -4.25% to $41.27.
With no compromise reached amongst key global crude oil suppliers, the stage is now set for production to rise as parties fight for market share, likely translating to increased price competition. The ... (read more)