US crude sheds over 6% after OPEC meeting delayed

Oil prices fell on Monday, to deepen losses due to worries that the OPEC-Plus collation will not reach a production cut agreement, after their meeting was delayed.

CNBC quoted sources that OPEC meeting with independent producers, know as OPEC-Plus, was postponed to next Thursday instead of Today.

The sources added that there tensions flared between Saudi Arabia and Russia over cut amount, as Moscow is considering cutting output by only 1 million barrels per day, only if the US participated in the agreement.

The Kremlin stated that Russia supports delaying the meeting for technical reasons, adding that there are no differences with Saudi Arabia.

Dmitry Peskov, spokesperson of the Kremlin, added that President Vladimir Putin is keen on reaching a cut agreement with OPEC to balance the market.

WTI crude plunged 6.2% to $26.5 a barrel as of 17:22 GMT, after hitting a day high of $28.2 and a low of $25.2.

Brent fell 3.9% to $32.7 a barrel, with a high of $34.2 and a low of $30.03.