A meeting of the Organization of the Petroleum Exporting Countries and its allies — together known as OPEC+ — initially scheduled for Sunday has been delayed to Nov. 30, OPEC said Wednesday. Bloomberg reported that the delay came as talks stalled due to Saudi Arabia’s dissatisfaction with production levels by other members. Saudi Arabia in July implemented an additional, voluntary cut of 1 million barrels a day, which it has extended through the end of this year. The meeting is now set to take place Nov. 30, CNBC reported. Oil futures extended a drop, with U.S. benchmark West Texas Intermediate crude CL00CL.1 dropping 4.3% to $74.41 a barrel on the New York Mercantile Exchange, while global benchmark Brent crude BRN00 down 4.3% at $78.91 a barrel on ICE Futures Europe.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
