A new sharp fall in prices of oil sent US stock exchanges sharply down Tuesday night. The price of WTI light crude is down 5.4 percent to $ 29.91 a barrel, while the price of Brent crude falling 4.6 percent to $ 32.65 a barrel.
According to Bloomberg Television’s two-day-fall for WTI oil the worst since 2009.
Dow Jones fell 1.8 percent to 16,153,, 54, while the broader S & amp; P 500 Index slid 1.9 percent to 1,903.03.
Technology Heavy Nasdaq plunged 2.2 percent to 4,516.95.
The hope dwindles
Hope fades for an agreement on production cuts between OPEC and Russia.
Goldman Sachs believes Reuters cooperation between OPEC and Russia to cut production is “highly unlikely”, and explains that such an agreement will also inflict self harm, since higher prices will bring previously stopped production back to the market.
– It is difficult to see a successful agreement between OPEC and Russia, and people start seeing it, said senior energy analyst Andy Sommer at Axpo Trading in sveitske Dietikon news agency.
He estimates chances that good that oil prices fall back below $ 30 this month.
Oil Stocks burdened
Oil Stocks burdens, and BP thundered down 8.5 percent after having submitted discouraging quarterly.
ExxonMobil presented less weak figures than feared, but went anyway back 2.2 percent. Chevron, which disappointed big with its quarterly results before the weekend, did not escape. The stock fell 4.8 percent.
Among the bright spots was Google mom Alphabet, rising 1.7 percent after having presented strong quarterly after the close Monday. The company has passed Apple as the largest US market value.
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