Sunday, November 27, 2016

Oil tumbles as output cut looks elusive, shares slip

Oil prices tumbled on Monday on worries that producer countries may not be agree on a deal to cut output, pressuring U.S. stock futures and Asian shares.

Brent crude futures fell 1.9 percent in early Monday trade to $46.29 LCOc1 a barrel, after having slipped 3.6 percent on Friday on rising doubts over whether the Organization of the Petroleum Exporting Countries will reach an output deal.

Saudi Arabia said on Friday it will not attend talks on Monday with non-OPEC producers to discuss supply cuts ....