Oil drops over $1 on oversupply after OPEC+ delays meeting [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Reuters
Oil drops over $1 on oversupply after OPEC+ delays meeting SINGAPORE/NEW YORK (Reuters) - Oil prices slipped more than $1 a barrel on Monday, after the world’s top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand. Brent crude LCoc1 slipped close to $30 a barrel in early trade and was at $32.82 by 0203 GMT, down $1.29, or 3.8%. West Texas Intermediate (WTI) crude CLc1 fell $1.66, or 5.9%, to $26.68 a barrel, after earlier touching a low of $25.28. Late last week, prices surged, with U.S. and Brent contracts posting their largest ever weekly percentage gains due to hopes that OPEC and its allies would strike a deal to cut crude supply worldwide by at least 10 million barrels per day (bpd). Prices on both sides of the Atlantic marked their worst month on record in March as the coronavirus pandemic crippled demand while a price war between Saudi Arabia and Russia left the market awash in
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