Oil Price Drops Again

After some hopeful news that OPEC producers Saudi Arabia and Venezuela had held talks on possible production cutback on the weekend; the market again fell below $30. WTI fell to $29.57 on Monday morning, down 68 cents from the closing price on Friday, Feb 5th. An analyst from trading firm City Index said, “Oil prices have been unable to further extend their recent gains and are now down for the third consecutive session.” Investors are discouraged by “the lack of any breakthrough in talks between some OPEC and non-OPEC producers."