Oil prices at seven-year low over Opec row

Oil prices fell yesterday to their lowest in nearly seven years after the Organization of the Petroleum Exporting Countries (Opec) meeting ended in disagreement last week over production cuts and without a reference to its output ceiling, while a stronger dollar made it more expensive to hold crude positions.

Opec failed to agree in its policy meeting on Friday to lower production in an attempt to stem prices that have dropped more than 60% since June 2014.

For the first time in decades, oil ministers dropped any reference to the group’s output ceiling, highlighting disagreement among members about how to accommodate Iranian barrels once Western sanctions are lifted.