A global deal to cut oil supply and stem a historic price rout hung in the balance on Sunday as negotiators raced to find an agreement with just hours to go until the market opens.
Diplomatic wrangling between Mexico and Saudi Arabia entered a fourth day as neither side was willing to concede, even after President Donald Trump intervened with a compromise and U.S. senators applied pressure to longtime ally Saudi Arabia.
Negotiators have hours to spare before the oil market opens and traders pass judgment on the deal — or the failure to reach one. The market is already collapsing under the weight of a glut that amounts to about a third of global demand after the coronavirus locked down the global economy and Saudi Arabia and Russia flooded the market in a price war.
