Oil producers that supply almost half the world’s crude failed Sunday to negotiate a production freeze intended to strengthen prices. The talks collapsed after Saudi Arabia surprised the group by reasserting a demand that Iran also agree to cap its oil production. Oil prices had rallied in recent weeks on speculation that Saudi Arabia might successfully lead an initiative between members of the Organization of the Petroleum Exporting Countries and Russia, which joined the talks. A deal would have marked a new level of cooperation between non-OPEC countries and OPEC members that producers hoped would keep prices above January lows of $26 a barrel. U.S. crude plunged 6.7% to $37.70 a barrel and Brent was down 6.9% to $40.14 a barrel in early Asian trading. While markets could be disappointed by the failure […]