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Crude Oil Retreats on Doubts Over Success of OPEC+ Meeting

April 06, 2020 / Peter Nurse

Oil markets fell back Monday, as investors reacted with disappointment to the postponement of a meeting of major oil exporters that had been expected to try and balance a flooded market. AT 8:45 AM ET (1245 GMT), U.S. crude futures traded 3.3% lower at $27.38 a barrel, while the international benchmark Brent contract fell 2.5% to $33.26. The meeting was rescheduled over the weekend to Thursday from Monday, amid a war of words between Russia and Saudi Arabia, indicating that bad blood still exists between the two. That said, the head of Russia's sovereign wealth fund, Kirill Dmitriev, said Russia and Saudi Arabia were on the verge of agreeing a deal.