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Crude falls $1.26

Posted on: September 28, 2016

Hopes of reaching an agreement at the OPEC meeting continued to fade as Iran rejected the offer from Saudi Arabia to freeze production below 4 million bpd on Tuesday. Iran seemed adamant about increasing their production levels and gaining their fair market share after sanctions were lifted back in January. It seems as if Saudi Arabia should have known their offer would be rejected and any optimism that had brightened the markets came to an end today with prompt WTI future falling $1.26 to $44.67.

Saudi Arabia foreshadowed a higher probability of agreement at the more formal OPEC meeting taking place in November. Brent fell a similar amount at $1.38 to $45.97.

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