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CNBC is reporting that the meeting in Doha ended without the world biggest oil producers agreeing to a production freeze.
As you might remember before the meeting, the Saudi's clearly stated they would not freeze production unless Iran agreed to do the same. The Iranians replied by saying it was ludicrious to expect them to freeze production until they are back to pre-sanction levels.
Oil prices surged from the year lows of $29 to just above $42 on friday. (close of trading day)
Where we go from here? It's anyone's guess, however we expect the market to respond negatively to this news.
CNBC reporting on the Doha meeting
Aljazeera Is reporting on the Doha Meeting
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