Oil Prices Fall as OPEC Meeting Postponed to Thursday

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Commodities2 hours ago (Apr 05, 2020 10: 55PM ET)

© Reuters.

By Gina Lee

Investing.com  Oil prices slidentity in Asia on Monday morning as OPEC+ delayed a meeting scheduled for later in the day to Thursday.

International  lost 6% to $32.74 by 9: 55 PM ET (2: 55 AM GMT) and U.S.  also dropped 6,1% to $26.61, continuing their lunge from the final session.

The announcement of the meeting, called final week to mediate a truce between Saudi Arabia and Russia of their ongoing label war, despatched oil prices soaring final week.

But tensions between the two producers ended in a three-day postponement and increased investor fears that these most up-to-date talks might possibly well also discontinue in failure love its final meeting in March.

“It’s potentially going to crater,” Over again Capital’s John Kilduff informed CNBC. “There became a quantity of optimism priced into oil Thursday and Friday. With this fresh Saudi, Russia spat, it doesn’t survey like it’s going to conclude together.”

Saudi oil minister Khalid A. Al-Falih called for producers “out of doors of OPEC+,” such because the United States, Canada and Norway, to lend their increase on Sunday.

As the COVID-19 pandemic continues to lower world question, oil smooth can’t resolve its inevitable oversupply ache.

“The vitality sector goes by its most robust primary length for the reason that Sizable Energy Despair of 1981-1995,” Kurt HalleadRBC co-head of world vitality analysis, informed CNBC.

“On the oil entrance, question is determined to decline by portions by no methodology sooner than considered driven by the COVID-19 world economic shock whereas present is surging due to the the Saudi-Russia oil label war,” he added.

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