imageCommodities11 hours ago (Mar 06, 2020 09:57AM ET)

(C) Reuters.

By Geoffrey Smith — Crude oil’s day went from bad to worse Friday after newswires reported that the Organization of Petroleum Exporting Countries and Russia had failed to agree even on rolling over their existing deal on output restraint.

By 9:55 AM ET (1455 GMT), U.S. crude futures were down 6.6% at $42.82 a barrel, while Brent futures were down 5.9% at $47.06.

Prices had already tumbled some 4% earlier in the day amid signs that Russia would refuse the OPEC proposal to cut an extra 1.5 million bpd from their existing levels. The failure to roll over even the existing deal leaves the market facing its biggest supply-demand imbalance since the end of 2015.

Breaking: Oil Crashes on Report OPEC, Russia Fail to Roll Over Existing Cuts

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