Crude oil prices fall as OPEC fails to agree on production cuts

Crude oil prices fell 1.5% on Tuesday after reports emerged that the Organization of the Petroleum Exporting Countries (OPEC) failed to reach an agreement over oil output cuts for 2021. Fundamental analysis: Talks to resume OPEC failed to reach an agreement about the extension of production reductions and has voiced its concerns that serious challenges induced by coronavirus are likely to extend into 2021. “The shock to the oil industry is massive and its severe impacts will likely reverberate in the years to come,” said Abdelmadjid Attar, president of OPEC and Algeria’s energy minister. “The pandemic continues to rage with