Oil prices fell sharply in the opening of weekly trading on Monday as hopes regarding the conclusion of a new deal between Saudi Arabia, US and Russia were dashed.
West Texas crude fell by 2, 2% to $25.72 bpd before witnessing some gradual recovery, while Brent crude rose by 8.7% to $31.15 bpd.
These declines came after the announcement concerning the delay of the OPEC + meeting, which was scheduled today, until next Thursday, to discuss a possible reduction in global crude supplies in an attempt to end the price war that caused oil to drop to record levels and which prompted US President Donald Trump to intervene.
