OPEC has failed to reach an agreement on a new production ceiling at its meeting in Vienna.
West Texas Intermediate crude futures in New York extended losses and fell nearly 1% after the news, to $48.63 per barrel.
The oil cartel met for the second time since April. Bloomberg had reported that Saudi Arabia wanted to use the meeting to mend its relationship with other member states.
In April, Saudi Arabia declined to move forward on a production deal without Iran's involvement.
Here's a chart of WTI trading after the reports of no deal crossed:
