Urgent: Oil from bad to worse after reports of failure of the agreement between OPEC

Oil is going from bad to worse today after news reports that OPEC + failed to reach an agreement on extending the current agreement on production restrictions.

Crude oil fell 6.6% to $ 42.82 a barrel, while Brent fell 5.9% to $ 47.06 a barrel.

Prices were already down 4% earlier in the day, amid signs of Russia rejecting OPEC’s proposal to cut oil production by 1.5 million barrels per day from current levels. And the failure to extend the current agreement leaves the market facing an imbalance in supply and demand by the end of 2015.