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Oil Drops on Oversupply Fears, as OPEC Meeting Postponed

Oil went down on Monday, paring major part of its earlier losses after Russia’s official told CNBC that both sides are very, very close to a deal on oil production lowering. 

oil rates declinePhoto: Flickr

Earlier in the session, crude rates fell sharply after a virtual meeting between Russia and OPEC was delayed from Monday to Thursday amid some uncertainties between Riyadh and Moscow over who is in charge for crude prices tumble. The meeting is seen as a hope for partial global markets oversupply alleviation.

Brent crude futures eased by 1.35 percent, to $33,69 per barrel, while WTI oil futures lost 1.62 percent, to $27,85 per barrel at 0710 GMT.

Recall, recently both benchmarks surged, logging their biggest weekly gain due to hopes that OPEC and other non-OPEC members could sign a deal to slash crude supply globally by at least 10M bpd.

Russia and Saudi Arabia were scheduled initially to meet on Monday to discuss supply cuts, but now the meeting is postponed to April, 9.

Source: Reuters: Tradingeconomics