Oil Prices Drop $ 3 Per Barrel

Oil Prices Drop $ 3 Per Barrel

  Global indicator oil prices dropped by $ 3 a barrel when opening for Monday's trading session due to fear of excess supply after delaying a meeting on Thursday about the potential of Saudi Arabia and Russia to cut production. Prices had risen at the end of last week, with both the US and Brent contracts breaking their weekly biggest percentage gains in the hope that OPEC and its allies would make a global deal to cut raw supply worldwide. With the new coronavirus increasing its pace all over the world, the COVID-19 outbreak reduced demand, and a month-long price war between Saudi Arabia and Russia left the crude market. Prices fell over the month, as the market expects a plan to cut production from OPEC and its allies. On the weekend, Saudi Arabia may have prevented the price fall, stating that the production discount agreement may be in the future. BASE. President Donald Trump said he would put pressure on Saudi Arabia and its allies for such an agreement. "I don't know if anyone will be very aggressively short before the meeting," said Robert McNally, chairman of the Rapidan Energy Group in Bethesda, Maryland. Brent crude oil (LCOc1) fell 2.39% or 7% per barrel to be traded until 6:16. EDT (10:16 GMT), after reaching a lower session, $ 30.03 of the barrel level. BASE. crude (CLc1) was trading at $ 25.93, gaining $ 2.41 per barrel or 8.5%.