Oil prices fell yesterday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help reduce global oversupply as the coronavirus pandemic pummels demand.
Brent crude LCoc1 fell more than $3 when Asian markets opened but recovered some ground with traders hopeful that a deal between the top producers was still within reach.
At 0814 GMT, Brent was down $1,10, or 3,2 percent, at $33,01 a barrel. US crude CLc1 were 84 cents, or 3 percent, lower at $27,50 a barrel, off a session low of $25,28.
The Organisation of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is expected to meet on Thursday to discuss cutting production.
“Perhaps it is best that the meeting was delayed for producers to cement a minimum of common ground before the actual discussions take place on Thursday,” said BNP Paribas analyst Harry Tchilinguirian. — Reuters.