Oil prices crashed early yesterday in anticipation of an agreement by the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria.
Market watchers had predicted that members of the oil cartel might agree to a production cut.
Brent crude fell below $60 per barrel during midday trading.
After hours of meetings, the group cancelled its news conference, awaiting the Russian delegation set to arrive on Friday.
There are fears that many OPEC members save for the UAE and Kuwait, are either unable or unwilling to go along with production cuts.
Unconfirmed reports say the cartel is proposing a cut of roughly I million barrels per day, as it will be enough to rebalance the market.
However, head of oil market research at Rystad Energy, Bjornar Tonhaugen, noted in a statement that “Anything less than 1 million bpd of 2019 supply would be interpreted negatively by the market.”