After gaining for a small period of time crude oil prices again dropped on Monday after the OPEC+ emergency meeting aimed to discuss output cuts got delayed.
World’s leading oil producers were scheduled to hold an emergency meeting on Monday to discuss output cuts, but the meeting has been postponed to April 9.
Reports suggest that the new rift between the OPEC de facto leader Saudi Arabia and other major oil producer Russia has led to the postponement of the meeting.
Brent crude fell near to $30 per barrel during early trade on Monday. Currently, it is trading at $33.69, lower by 1.23 per cent from its previous close.
The WTI crude plunged over 1.16 per cent to $28.01 per barrel.
Late last week, crude prices soared, on hopes that OPEC and its allies would strike a deal to cut crude supply worldwide by at least 10 million barrels per day (bpd).
In early March, talks between OPEC and Russia for crude production cuts fell apart triggering a bloodbath in the oil market.
It was reminiscent of the Cold War days when the mistrust between the Soviet Union and the US kept the world on the brink.
Talks between oil cartel Organization of Petroleum Exporting Countries (OEPC) and Russia had collapsed as the two sides failed to agree on an output cut deal.