Oil price dives after producers fail to agree output cap

The price of oil has dropped sharply after a meeting of oil producers failed to agree a cap on output.Brent crude fell 7% at one point, but then recovered slightly to stand down $1.87, or 4.3%, at $41.23 a barrel.
The meeting in Qatar was attended by most members of oil producers’ group Opec, including Saudi Arabia, but not Iran.
Saudi Arabia, the world’s biggest exporter, had been prepared to freeze output if all Opec members had agreed.