Oil drops on oversupply worries as Saudi Arabia, Russia delay meeting
SINGAPORE (Reuters) - Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.
Brent crude LCoc1 slipped close to $30 a barrel in early trade and was at $33.45 by 0532 GMT, down 66 cents, or 1.9%. West Texas Intermediate crude CLc1 fell 98 cents, or 3.5%, to $27.36 a barrel, after earlier touching a low of $25.28.