Oil Retreats as Meeting Delay Raises Doubts for Price War Truce [Yahoo! Finance News]
AUSTRALIA&N Z BKG S/ADR (ANZBY)
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Source: Yahoo! Finance News
Bloomberg) -- Crude fell sharply in Asia after a delay to a planned meeting of top producers to discuss output curbs raised doubts over the prospects for an agreement.Brent futures dropped as much as 12%, after jumping almost 14% on Friday. The OPEC+ bloc including Russia will hold a virtual gathering on April 9 instead of Monday after fresh divisions emerged. Saudi Arabia and Russia have indicated that they want the U.S. to join any agreement, but President Donald Trump had only hostile words for OPEC on Saturday, and threatened tariffs on foreign oil.State oil producer Saudi Aramco has delayed until Thursday an announcement on its official selling prices for May, according to people with knowledge of the situation, to await signs of what may happen at the meeting. That comes as the International Energy Agency said that the deepest production cuts in the oil industry’s history wouldn’t be enough to steady a crude market in which demand has been ravaged by the coronavirus.“The likelih
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