Brent futures settled US$1.06, or 3.1%, lower at $33.05 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $2.26, or 8%, to end at $26.08.
NEW YORK: Oil prices slumped on Monday, pulling back from last week's gains after Saudi Arabia and Russia delayed a meeting of oil producers aimed at resolving growing worldwide oversupply as the coronavirus pandemic pummels demand.
The global oil market rebounded over 35% last week after sources at the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, said they are close to a deal on oil output cuts to reduce a global glut, though they want participation from the United States and others.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
