Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to Apr...
Global crude oil prices fell sharply on Monday morning, as uncertainty loomed in the market after Saudi Arabia and Russia postponed to April 9 a meeting about a potential pact to cut production, Reuters reported. The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly recovering.
At 12.37 am EDT (10.07 am Indian Standard Time), West Texas Intermediate was trading at $27.25, $1.75 or 6.03% lower. On the other hand, Brent crude was trading at $33.44, $1.21 or 3.49% lower.
United States President Donald Trump had said over the weekend that he will put pressure on Saudi Arabia and its allies for a deal with Russia. Trump said on April 4 that he will impose tariffs on Saudi and Russian oil production.
Russian President Vladimir Putin had last week blamed Saudi Arabia for the crash in oil prices. The prices had gained considerably on April 3 due to rumours of a possible deal between the two countries. However, Per Magnus Nysveen, head of analysis at Rystad Energy, told Reuters that decline in global demand for oil because of the coronavirus pandemic and the global lockdowns was affecting oil prices more than the proposed output cuts by the OPEC+ alliance.
“It is not strange...
