- Oil prices slid in early trading on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles.
- U.S. West Texas Intermediate (WTI) crude futures <CLc1> were trading at $31.46 per barrel at 0012 GMT, down 41 cents from their last settlement. They had already dropped 6 percent the previous day.
- The falls were a result of an apparent lack in cooperation among members of the Organization of the Petroleum Exporting Countries (OPEC) to freeze or cut production to rein in ballooning oversupply that has pulled down prices by 70 percent since mid-2014.
- Saudi Arabia’s veteran oil minister Ali Al-Naimi said on Tuesday at a conference in Houston, Texas, that a coordinated production cut by OPEC and non-OPEC exporters was “not going to happen because not many countries are going to deliver.”