Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.
Brent crude (LCoc1) slipped close to $30 a barrel in early trade and was at $33.45 by 05:32 GMT, down 66 cents, or 1.9%. West Texas Intermediate crude (CLc1) fell 98 cents, or 3.5%, to $27.36 a barrel, after earlier touching a low of $25.28.
Late last week, prices surged, with U.S. and Brent contracts posting their largest ever weekly percentage gains due to hopes that OPEC and its allies would strike a deal to cut crude supply worldwide by at least 10 million barrels per day (bpd). [O/R]
Saudi Arabia and Russia were initially set to meet on Monday to discuss output cuts, but that has now been pushed to April 9, after they blamed each other for the collapse of talks in March.
Source : Reuters