Oil sputters after OPEC+ fails to nail down new output target

Oil sputtered near USD 58 a barrel as the OPEC+ coalition failed to pin down the details of an agreement to adjust its official output target even after six hours of talks in Vienna.

Photo: Leonhard Foeger/Reuters/Ritzau Scanpix

BY HEESU LEE, BLOOMBERG

Futures fell 0.3 percent in New York after gyrating throughout the previous session. While the Organization of Petroleum Exporting Countries is nearing a deal to deepen its output cut by 500,000 barrels a day, ministers left the cartel’s headquarters on Thursday without cementing an agreement. Saudi Prince Abdulaziz bin Salman, in his first meeting as energy minister, left reporters with a promise of “beautiful news tomorrow.”

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