Urgent: Oil prices slump amid market pessimism over output cut deal

Oil prices slumped by almost 4 percent on Tuesday on signs that major oil producers disagreed on distribution of output reduction.

The West Texas Intermediate for January Delivery decreased 1.85 U.S. dollars to settle at 45.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery erased 1.86 dollars to close at 46.38 dollars a barrel on the London ICE Futures Exchange. Endit