Oil prices plunged to multi-year lows on Friday after a deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, collapsed in Vienna.
The West Texas Intermediate (WTI) for April delivery decreased 4.62 U.S. dollars, or 10.07 percent, to settle at 41.28 dollars a barrel on the New York Mercantile Exchange.
Brent crude for May delivery fell 4.72 dollars, or 9.44 percent, to settle at 45.27 dollars a barrel on the London ICE Futures Exchange.
The meeting between OPEC and its partnering countries, known as OPEC+, concluded with no deal on additional production cuts on Friday.
On Thursday, OPEC recommended additional production cuts of 1.5 million barrels per day from the beginning of next month until the end of the year.
Editor:Cherie
