Oil's tumbling after reports that Iraq and Iran refuse to freeze output

Oil prices are tumbling after headlines crossing the wires noting there are obstacles to an OPEC production cut.

WTI crude, the US benchmark, is down by 2.4% at $48.64 per barrel, while Brent crude oil, the international benchmark, is down by 2.2% at $49.50 per dollar as of 2:04 p.m. ET.

The Dow Jones wires reported that Iraq and Iran “refuse” to freeze output, which would throw a wrench into OPEC’s planned production limit. 

Back in late September, the cartel reached an agreement at informal talks in Algeria to limit its production at its November policy meeting to a range of 32.5 million to 33 million barrels a day, down from today’s estimated level of 33.24 million barrels a day.

Some analysts have expressed doubts about this planned agreement.

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