By Georgi Kantchev, MarketWatch
Crude-oil prices pared some losses in mid-Asia trade Monday after tumbling more than 6% in the opening hour following a failure of the key producers to agree on a production cap that could have tightened up the supply market.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $38.28 a barrel, down $2.08, or 5.2% in the Globex electronic session. June Brent crude on London’s ICE Futures exchange fell $2.20, or 5.1%, to $40.92 a barrel.
The sharp decline in oil spilled over to regional stocks. Energy stocks in Hong Kong and Australia were all off about 2.8%, while the broader Hang Seng Index and S&P/ASX 200 benchmarks fell 1.2% and 0.3%, respectively.
Freezing production would increase their revenues but hurt the workers and everyone down the food chain. So, the only people that benefit from a freeze are the people who need the money the least, THE GREEDY OWNER BASTARDS!