Oil slumped to its lowest level since the financial crisis as traders reacted to a rancorous Opec meeting last week that exposed the organisation’s inability to tackle a global glut.
The seven-hour meeting ended in chaotic scenes on Friday evening and highlighted the growing discord between Saudi Arabia and Iran, two of Opec’s most powerful members, as Tehran prepares its return to international markets next year when sanctions are lifted.
As oil traders delivered their verdict yesterday, Brent, the global benchmark, dropped 5 per cent towards $40 a barrel, its lowest level in almost seven years. US marker West Texas Intermediate fell 5 per cent to $37.84.
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