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.