Brent, WTI Prices Edge Down
Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help alleviate global oversupply as the coronavirus pandemic pummels demand.
Brent crude slipped close to $30 a barrel earlier but pared losses to trade down 24 cents, or 0.7%, to $33.87 a barrel, CNBC reported.
West Texas Intermediate crude fell 41 cents, or 1.5%, to $27.93 a barrel, off a session low of $25.28.
Late last week, prices surged, with US 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.
Saudi Arabia and Russia were initially set to meet on Monday to discuss output cuts, but that has now been pushed to April 9, after they blamed each other for the collapse of talks in March.
The countries are “very, very close” to a deal on cuts, Russia’s sovereign wealth fund chief told CNBC.
US President Donald Trump has said he will impose tariffs on crude imports if he needed to “protect” US energy workers from the oil price crash that has been exacerbated by the war between Russia and Saudi Arabia over market share.
Prices on both sides of the Atlantic marked their worst month on record in March as the coronavirus pandemic crippled demand in a market flooded with supplies.
Production cuts could come “too little, too late” to support oil prices, ANZ and Citi analysts cautioned.
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years