Oil prices hit as Saudi Arabia and Russia postpones oil talks to Thursday

By - Sentinel Digital Desk
Update: 2020-04-07 11:34 GMT

Global oil prices remain on edge after Saudi Arabia and Russia postponed a meeting scheduled to be held on Monday about a deal to cut output as the coronavirus pandemic hits demand, it was reported. Saudi Arabia and Russia, currently locked in an oil price war, were scheduled to meet on Monday, but the meeting has now been pushed back to Thursday, the BBC reported. At the start of Asian trade on Monday, the global benchmark Brent crude fell 12 per cent, but recovered some of this ground. US-traded oil, known as West Texas Intermediate, dropped more than 10 per cent before stabilising to sit 3.5 per cent lower. Prices were expected to remain volatile until the meeting between the two countries take place, said the BBC report. Measures in countries across the world to slow the spread of the coronavirus, including the US, UK and much of mainland Europe and Asia, have seen global energy demand fall sharply.

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