Oil Prices Tumble

Oil prices have dropped sharply after a meeting of oil producers failed to agree an output freeze.

Oil petrolBrent crude fell seven per cent at one point before recovering some ground.

In afternoon trade, it fell 3.4 per cent to $41.70 a barrel.

The price of US crude oil initially fell 6.8 per cent, then regained some of those losses to settle at $38.90, trading down 3.6 per cent.

 Readers Bureau

 Edited by Jesus Chan

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