Oil's tumbling as expectations for any OPEC deal begin to sputter

Oil is tumbling.

Prices for brent crude oil, the international benchmark, are down by 2.6% at $46.70 per barrel as of 8:16 a.m. ET. Meanwhile, prices for WTI crude are down by 2.5% at $44.78.

Earlier, Reuters reported that expectations for any sort of OPEC deal are beginning to sputter after comments made by Saudi Arabia and Iran.

Saudi energy minister Khalid al-Falih told reporters, “This is a consultative meeting … We will consult with everyone else, we will hear the views, we will hear the secretariat of OPEC and also hear from consumers.”

And Iran’s oil minister Bijan Zanganeh said: “It is not the time for decision-making. … We will try to reach agreement for November,” referring to OPEC’s upcoming formal meeting in Vienna.

NOW WATCH: KRUGMAN: Obamacare was done ‘on the cheap’ and now it is struggling

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.