Crude Oil Pulls Back Sharply Ahead Of OPEC Meeting

(RTTNews) - Continuing the wild swings seen over the two previous sessions, the price of crude oil pulled back sharply during trading on Tuesday.

Crude oil for January delivery plunged $1.85 to $45.23 a barrel after jumping $1.02 to $47.07 a barrel on Monday. The price of crude oil tumbled $1.90 to $46.06 a barrel last Friday.

The drop by the price of crude oil came amid concerns that OPEC members will be unable to finalize an agreement on cutting production.

Adding to the concerns, a report from Reuters said Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil output.

Trading on Wednesday is likely to be driven by reaction to any developments regarding the OPEC meeting in Vienna.