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Crude Tumbles as Doha Talks Fail; Asian Stocks Slide With Aussie

Crude tumbled the most in two months and commodity-linked currencies weakened after talks between major oil producers ended in Doha without any agreement on limiting output. Asian stocks retreated from a four-month high, while demand for haven assets boosted the yen and Treasuries.

West Texas Intermediate slumped 5.6 percent after the first significant attempt in 15 years at coordinating oil output between OPEC and nations outside the group failed to reach an accord. The currencies of Canada, Australia and Malaysia all dropped at least 0.9 percent versus the greenback and Japan’s yen climbed to a one-week high. The MSCI Asia Pacific Index fell for the first time in nine days.

Oil prices rebounded from a 13-year low over the past two months, spurring a recovery in global equities, on prospects major producers would agree to cap output. Discussions stumbled after Saudi Arabia and other Gulf nations wouldn’t agree to any deal unless all OPEC members joined including Iran, which wasn’t present at the meeting, according to Russian Energy Minister Alexander Novak.

“There was an expectation baked into prices that you’d see a production freeze, and with no resolution, it adds to negative drivers for the oil price, commodities and commodity currencies,” said Mark Lister, head of private wealth research at Craigs Investment Partners in Wellington, which manages about $7.2 billion. “We will...


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