Nordea: Oil will flood the market after failed OPEC meeting

On Monday the price of crude fell by over five percent after OPEC failed to reach agreement for a cap on the oil output at a meeting in Qatar on Sunday. "Big disappointment for the oil industry," says Thina M. Saltvedt of Nordea Markets in Oslo.

Photo: Royal Dutch Shell PR

The global market prices dropped on Monday by more than five percent.

The major decline comes after several of the world's largest oil producing countries failed to reach agreement regarding a cap on the oil production during a meeting in Doha in Qatar this Sunday.

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