Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help reduce global oversupply as the coronavirus pandemic pummels demand, Reuters reports.
Brent crude LCoc1 fell more than $3 when Asian markets opened but recovered some ground with traders hopeful that a deal between the top producers was still within reach.
At 0814 GMT, Brent was down $1.10, or 3.2%, at $33.01 a barrel. U.S. crude CLc1 were 84 cents, or 3%, lower at $27.50 a barrel, off a session low of $25.28.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is expected to meet on Thursday, instead of Monday, to discuss cutting production.
"Perhaps it is best that the meeting was delayed for producers to cement a minimum of common ground before the actual discussions take place on Thursday," said BNP Paribas analyst Harry Tchilinguirian, although he said initial disappointment at the delay had driven down prices in Asian business.