Oil Plunges in Worst Reaction to OPEC Since 2014 on Demand Woes
- WTI crude futures fall most in a month, Brent spread weakens
- Optimism wanes as Saudi, Russia divisions on display in Vienna
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Oil had its worst reaction to an OPEC meeting in more than four years, with prices sliding just after the cartel agreed to prolong production curbs as fears about the global economy mount.
Futures closed down 4.8% in New York, the steepest decline since May 31 and the biggest drop after an OPEC gathering since November 2014. Bank of England Governor Mark Carney warned of dangers from rising protectionism around the globe, citing a “widespread slowdown” that may require a major policy response. That added to worries following weak manufacturing reports from the U.S., China and Europe.