Oil drops over $1 a barrel on oversupply after OPEC+ delays meeting
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 slipped close to $30 a barrel in early trade and was at $32.82 by 0203 GMT, down $1.29, or 3.8%. West Texas Intermediate (WTI) crude 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).
