OPEC fails to reach agreement on oil output halt
The Organisation of Petroleum Exporting Countries (OPEC) on Thursday failed to reach an agreement on an oil production ceiling. Iran rejected any cap on production as it restores output following the removal of its sanctions in January. Following the decision, Brent crude price fell 1.4% to $49.04 a barrel, and US WTI crude price fell 1.7% to $48.17 a barrel.