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Crude Oil Plunges Following Qatar Oil Minister's Remarks

Feb, 22nd 16:37

Crude oil futures prices tumbled on Wednesday, reversing lower after two days of rally. The slide was due to remarks by Qatar’s oil minister that said major oil producers outside of OPEC were not trimming output as much as they had pledged.

Speaking at the International Petroleum Week in London on Wednesday, Mohammed al-Sada, the oil minister of OPEC member Qatar, also stated that it might be too early to say whether oil producers will extend their output reduction agreement when members of the Organization of the Petroleum Exporting Countries meet in May.

Brent crude for April contract traded down about 1.7% to $55.73 per barrel on London’s ICE Futures exchange, giving up its three-week highs at $57.30 per barrel logged on Tuesday.

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