Futures Movers: Oil prices slide more than 1% after Iran, Saudis douse hopes for production deal

Crude oil prices dropped sharply on Tuesday after both Iran and Saudi Arabia played down expectations for a deal to freeze or cut oil production at the closely watched informal OPEC meeting on Wednesday.

Both countries said the meeting between members of the Organization of the Petroleum Exporting Countries and other heavyweight producers such as Russia, is only “consultative,” reinforcing views that major oil nations will walk away from the negotiations without a pact.

Light, sweet crude futures for delivery in November CLX6, -2.53% fell 82 cents, or 1.8%, to $45.11 a barrel on the New York Mercantile Exchange.

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