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Oil tumbles 5 percent after OPEC hints at smaller output cut

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil lost nearly 5 percent on Thursday, after OPEC signalled it may agree to a smaller output cut than expected and as concern over the economic impact of trade tensions hit global stocks. The Organisation of the Petroleum Exporting Countries (OPEC) is meeting in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhstan.Expectations had been for a joint cut of between 1 and 1.4 million barrels per day (bpd), until Saudi energy minister Khalid al-Falih said before the meeting that the "OPEC+" ...

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First Published: Thu, December 06 2018. 16:43 IST