FINANCIAL TIMES: The price of oil fell by more than $1 a barrel after a meeting between some of the world’s largest oil-producing nations failed to reach agreement on how to address a growing supply glut.
Talks between the oil ministers of Saudi Arabia and Venezuela, and non-Opec producers Russia and Mexico ended in stalemate, with Igor Sechin, the head of Russia’s state oil company Rosneft, saying the current level of prices was not “critical”.
The lack of a consensus led to a sell-off in the oil market, with ICE January Brent, which had been in positive territory ahead of the meeting, falling $1.35 to settle at $78.33 a barrel… (more)
