Volatility awaits with only a Vienna OPEC meeting in June ahead
by Barbara Kollmeyer
After talks in Doha, Qatar failed to reach a deal on an oil-production freeze, analysts are reassessing oil prices, with some even predicting U.S. crude could tumble to as low as $30 a barrel.
U.S. crude-oil prices lurched between losses of around 4% and 6% on Monday , beginning with an initial sharp plunge in Asian trading hours. At last check, WTI for May CLK6, -2.75% slid $1.55, or 3.8%, to $38.83 a barrel, while Brent crude LCOM6, -2.18% dropped $1.42, or 3.3%, to $41.67 a barrel. Prices drew some support from news of a cut in production by Kuwait.
Crude prices have rallied around 30% since February on hopes of curbs on output. However, investors knew there was a potential deal-breaker: