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Oil falls about 3% after OPEC meeting
Oil prices fell nearly 3 percent in volatile trade after OPEC and its allies concluded their first meeting on Thursday without announcing a decision to cut crude output as they prepared to discuss the issue on Friday.
The Organization of the Petroleum Exporting Countries (OPEC) met in Vienna to decide on oil production policy in coordination with producers from outside the Organization such as Russia, Oman and Kazakhstan.OPEC has reached a preliminary agreement on reducing oil production, but is waiting for commitment from Russia, one of the largest producers outside the Organization, before determining the size of the cuts.
Market observers expected a combined cut of 1.4 million barrels per day. The OPEC meeting and independent producers are set to begin on Friday.
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