Oil prices dip as OPEC meeting delayed

U.S. WTI fell 9.2% to $25.72 per barrel and Brent crude declined 8.7% to $31.15 per barrel on trading Sunday night after a delayed OPEC+ meeting signals that a production agreement between Saudi Arabia and Russia may not be as imminent as President Trump suggested last week. That meeting was originally scheduled for  Monday after President Trump said he expected Saudi Arabia and Russia will come to an agreement to cut oil production by as much as 15M barrels after he spoke with leader's of both countries. Now the meeting is likely to be held on Thursday, CNBC said, citing sources familiar with the matter. On Sunday, Iraq's oil minister said the OPEC and its allies need support from producers outside of that group, mentioning the U.S., Canada, and Norway, specifically. The American Petroleum Industry opposes cuts, contending that it would hurt the U.S. industry. Selected tickers: XOM, CVX, COP, OXY, APA, MRO, DVN, EOG, PXD, USO, XLE, OIL, XOP



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