Oil prices fall as OPEC squabbles over output targets, crude stocks swell
Oil prices slid on Wednesday, extending sharp falls from the previous session after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in US crude stockpiles. Iran made clear that it has no interest in restraining its production after international sanctions against it were lifted in January, calling a joint Russian/Saudi proposal for major exporters to freeze output, 'laughable'.