Oil Prices Fall After Postponement of Saudi Arabis and Russia Meeting

Oil prices fell on Monday after Saudi Arabia and Russia postponed a meeting at which  should discuss cuts in production that could help reduce the global oversupply of raw materials.

Brent crude fell by more than $ 3 at the opening of Asian markets on Monday, but regained its position later, as traders hope that a deal between leading manufacturers will still be reached.

Brent crude oil fell in price to almost $ 30 per barrel earlier, but reduced losses and is trading around $ 33.87 per barrel. American WTI fell by -1.5%, to $ 27.93 per barrel from a session low of $ 25.28.

At the end of last week, prices rose, with WTI and Brent contracts showing the largest percentage increase for the whole week because of the hope that OPEC and its allies will conclude an agreement to reduce oil supplies worldwide by at least 10 million barrels per day .

Initially, Saudi Arabia and Russia were supposed to meet on Monday to discuss cuts in production, but now it has been postponed to April 9, after they accused each other of disrupting the negotiations in March.

US President Donald Trump said he would introduce tariffs on imports of crude oil if he needed to “protect” US energy workers from falling oil prices, which were exacerbated by the war between Russia and Saudi Arabia for a market share.

Prices on both sides of the Atlantic were recorded in March as the worst ever recorded, as the coronavirus pandemic led to lower demand in a supply-flooded market.

The head of the International Energy Agency said that oil reserves in the second quarter will continue to grow by 15 million barrels per day, even with a decrease in production by 10 million barrels per day. He called on the world’s richest economies to discuss broader ways to stabilize oil markets.

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Oil prices fell on Monday after Saudi Arabia and Russia postponed a meeting at which  should discuss cuts in production that could help reduce the global oversupply of raw materials.

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