Oil prices skids after Saudi-Russia talks, stocks jump on Covid-19 slowdown

Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.

In currency markets, sterling fell after the British Prime Minister was admitted to the hospital following persistent coronavirus symptoms as the pandemic rapidly spreads.

Brent crude fell as much as $ 3 in early Asian trading after Saudi Arabia and Russia postponed a meeting over a potential pact to cut production to Thursday. Analysts said the news could lead to some sell-off in currency markets too.