Oil retreated below $47 in New York after OPEC officials failed Monday to work out a compromise on a deal to cut production and boost crude prices. Futures lost as much as 1.5 percent. A 10-hour technical meeting focusing on how to divide cuts failed to resolve differences, with Iran still aiming to produce roughly 7 percent more than a level proposed by Saudi Arabia. Prices on Monday rallied 2.2 percent after Iraq’s oil minister said he was optimistic a deal would be reached. He reiterated the confidence on Tuesday. Goldman Sachs Group Inc. said the market is pricing in a 30 percent chance of a deal. An OPEC deal could push prices up about $5 a barrel, according to Morgan Stanley, but a failure could drive it down into the $20s, Energy Aspects Chief Oil Analyst Amrita Sen said. Saudi Arabia’s Energy Minister Khalid Al-Falih, who has led […]