Oil is plummeting after getting hit with a one-two punch

West Texas Intermediate crude oil was down 4.06% at $44.44 a barrel on Friday afternoon after getting hit by a one-two punch of bad news. First, Bloomberg reported that a member of the Saudi delegation said he did not expect an agreement to freeze oil production to be reached at next week's meeting in Algiers, Algeria.
There had been hope that Saudi Arabia and Iran would be able to overcome their differences and agree on a freeze. Earlier Friday, Reuters reported that Saudi Arabia offered to red