Crude oil prices plummet, then bounce back a littleTOKYO — Crude oil prices tumbled but then regained some lost ground today after oil-rich countries failed to reach an agreement Sunday on freezing production.U.S. crude oil was trading $1.88 lower at $38.48 a barrel by mid-afternoon in electronic trading on the New York Mercantile Exchange. It sank to a low of $37.61 a barrel, down 6.8 percent, before regaining some of that loss.Brent crude oil, which is used to price international crude oil, fell $1.87 to $41.23 a barrel early today, down 4.3 percent. It tumbled 7 percent in earlier trading.The effort to reach a consensus on freezing production to support prices failed after Iran stayed away from a weekend meeting of 18 oil producing nations in Qatar that had been expected to boost crude prices.Since U.S. crude oil supplies are at all-time highs, Iran is increasing output and Libya is due to step up production, so “prices will trade lower. Maybe sharply lower,” he said.Oil prices hit a 12-year low in January, dipping under $30 a barrel, but had risen above $40 in recent days, buoyed by bullish talks surrounding the Doha meeting.The latest setback means prices will likely remain in the doldrums for the time being.

Italian gun maker Beretta celebrates Tennessee facilityGALLATIN, Tenn. — Italian gun maker Beretta on Friday celebrated the opening of its new manufacturing and research facility in suburban Nashville and announced it will begin making the U.S. Armed Forces M9 handgun at the plant this summer.Tennessee lured Beretta's firearms manufacturing from Maryland after the company raised objections to a wide-ranging gun control measure enacted there in the aftermath of the 2012 Sandy Hook Elementary School shootings in Connecticut that left 26 dead.