WTI Crude Oil Weakens as Saudi Arabia, Russia Delay Their Meeting
WTI crude oil prices have started the fresh trading week on a bearish note, falling over concerns about the Saudi Arabia-Russia price war that continues without any possibility of resolution so far, even as the coronavirus pandemic rages on. At the time of writing, WTI crude oil is trading at around $27.22 per barrel.
Saudi Arabia and Russia have pushed their meeting to Thursday, where it is widely expected that the two nations could agree to resolve their differences and consider production cuts in the face of falling demand for oil globally. Meanwhile, the overall market sentiment received a bit of a boost earlier today over hopes of a slowdown in the rise in coronavirus cases around the world.
However, this news has failed to move oil markets higher as oil traders focus their attention on Saudi Arabia’s decision to increase crude production and drive a possible oversupply of cheap crude oil even as demand remains subdued in the wake of the extended lockdowns worldwide. The continued shutdowns are expected to drive a recession in the global economy in the coming months and any hopes for recovery can only begin after the pandemic is brought under control.
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