Crude Futures Plunge after OPEC Stakeholders Meet

U.S. and Brent crude futures declined sharply after Iranian Oil Minister Bijan Zangeneh said on Wednesday he had an "excellent" meeting with Saudi Oil Minister Ali al-Naimi and that their positions were now "very close".

Brent extended losses, and was down 86 cents at $77.47 a barrel at 8:53 EST (1353 GMT), and U.S. crude extended losses to 74 cents to $73.35.

"(There is) unity inside OPEC that we should monitor the market carefully and to react at the convenient time for managing the market," Zangeneh said when asked whether an agreement between members was emerging a day ahead of a meeting of the Organization of the Petroleum Exporting Countries.

Reporting By Jessica Resnick-Ault