Crude Oil Prices Drop Ahead Of Big Meeting In Doha

Updated: Friday, April 15, 2016, 15:13 [IST]

Crude oil prices, which has in the last few months, rocked the stock markets, was trading lower ahead of the crucial meet in Doha, to decide on output cuts.

Crude Oil Prices Drop Ahead Of Big Meeting In Doha

Brent Crude was last trading at $44 a barrel, significantly higher than where it was a week back, but was down from previous close by 1 per cent.

Crude oil prices have flared since the start of the week, ahead of Sunday's meeting, but, most analysts do not expect a solid outcome.

There are already reports that the Russian Finance Minister has said that he does not expect oil prices to rally after the Doha meet.

Hopes are around a production freeze by OPEC and Non Open members at the meeting, but, that may not happen.

Iran, which had curtailed production because of economic sanctions may not be a party to any cuts. This in turn would render the meeting futile and might once again put pressure on crude oil prices.

A sharp drop in crude prices in the last few months have rocked the stock markets. This is because lower oil prices could lead to some wealthy oil nations selling stocks, which could put pressure across global markets.

Most of the world's benchmark indices dropped to 52-week lows in Feb, following the sharp drop in crude prices.

Oil as well as commodity markets would watch developments in Doha eagerly this Sunday.

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