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Oil Prices Fall Amid Producers' Failure to Reach Deal to Freeze Output

© AP Photo / Hasan JamaliA man rides a camel through the desert oil field and winter camping area of Sakhir, Bahrain, Sunday, Dec. 20, 2015
A man rides a camel through the desert oil field and winter camping area of Sakhir, Bahrain, Sunday, Dec. 20, 2015 - Sputnik International
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Global oil prices dropped on Monday after oil producing countries had failed to reach an agreement in the Qatari capital Doha to freeze oil output.

Kuwaiti Minister of Finance and Minister of Oil Anas al-Saleh (C) arrives for the organization of Petroleum Exporting Countries (OPEC) meeting, in the Qatari capital Doha, on April 17, 2016 - Sputnik International
What Led to Failure at Doha and How Will It Affect Oil
MOSCOW (Sputnik) — The price for Brent's North Sea petroleum mix has decreased by 3.9 percent to $41,42 per barrel. The cost of the May futures for WTI dropped by 4.29% to $39,92 per barrel.

On Sunday, the participants of the meeting in the Qatari capital failed to reach an agreement on freezing the oil output in a bid to stabilize global crude prices. According to Russian Energy Minister Alexander Novak, all participants understood that a deal to freeze the oil output is necessary, but had different requirements to the deal's conditions.

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