Oil prices dive after producers fail to agree output cap

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Oil prices have dropped sharply after a meeting of oil producers failed to agree an output freeze.

Brent crude fell 7% at one point before recovering some ground. In afternoon trade it fell 3.4% to $41.70 a barrel.

The meeting in Qatar was attended by most members of oil producers’ group Opec, including Saudi Arabia, but not Iran.

Read the full article at: www.bbc.com

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