Oil gave up some of last week’s rally after a delay to a planned meeting of top producers to discuss output curbs and signs the U.S. won’t join any deal raised doubts over the prospects for an agreement.
Futures dropped as much as 12% in London after surging by half of their value over the previous three sessions as a production accord started to take shape. However, a virtual gathering of the OPEC+ alliance that was originally scheduled for Monday was postponed to Thursday as Saudi Arabia and Russia traded barbs over who was to blame for the collapse in oil prices.
Some progress was made toward an agreement on Sunday, according to diplomats, but the lack of participation from the U.S. — the world’s largest producer — could prove to be a stumbling block.
