A meeting among the 13 member nations of OPEC on Thursday failed to reach terms that would have set a production ceiling.
Following the meeting in Vienna the cost of West Texas Intermediate crude futures loss 1% to hit $48.59 a barrel.
Brent crude, the international benchmark for oil prices also slipped on the news.
A production ceiling, or cut, could reduce the oil-supply glut that triggered the largest price crash in decades.
One thing OPEC agreed on was a new leader.
Bloomberg reported, citing a delegate, that OPEC appointed Nigeria’s Mohammed Barkindo as its next secretary-general. Barkindo is a former head of the Nigerian National Petroleum Commission, and he was an acting secretary-general of OPEC a decade ago.
The cartel has met two times since April.
Bloomberg reported before the meeting that Saudi Arabia wanted to use event, in part, to mend its relationship with other member states.
Saudi Arabia in April declined in April to cut oil production or set a ceiling unless Iran agreed to the same terms.
Iran, coming off US sanctions, said it needed to increase its production in order to fix economic issues that had been caused by its previous sanctions.
An oil supply glut led to prices nearing $20 a barrel at one point in late 2015. Prices have since rebounded to their current levels which are still well below the $100+ price per barrel experienced in early 2014.