Oil Slides As Saudis Refuse To Attend Non-OPEC Producers Meeting

WTI crude prices were already fading this morning, after a subdued day yesterday, but the first major headline from Vienna has sparked further weakness as Reuters reports that Saudi Arabia has told OPEC it will not attend a meeting with non-OPEC producers on Monday.

Reuters reports that Saudi Arabia wants a deal agreed before they will agree to send anyone to the NOPEC talks.

For now the reaction is modest (even with a heavy volume spike).

(Click on image to enlarge)