Oil drops over $1 on oversupply after OPEC+ delays meeting
Monday, 6 April 2020 09:18 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil prices slipped more than $1 a barrel on Monday, after the world's top producers 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 $32.82 by 02:03 GMT, down $1.29, or 3.8%. West Texas Intermediate (WTI) crude (CLc1) fell $1.66, or 5.9%, to $26.68 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).

Source : Reuters

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