Oil prices declined in overnight trade in the international markets on Sunday after OPEC+ announced it was delaying its meeting to discuss production cuts, that was initially scheduled for Monday.
On fears that the much need production cut in the light of COVID-19 pandemic will be further delayed, international benchmark Brent crude slipped 4.19 percent to $32.68 per barrel while US West Texas Intermediate crude fell 6.49 percent to $26.50, after having fallen about 9 percent earlier.
Last week, last week WTI and Brent had posted their best week on record after Saudi Arabia called a meeting between OPEC (Organization of the Petroleum Exporting Countries) and its allies, known as OPEC+, signalling there could be progress on a production cut.
In March, the organization's last scheduled meeting ended with no deal after Russia rejected the 1.5 million barrels per day cut that was proposed by Saudi Arabia in a bid to prop up falling oil prices. A price war was kicked off between the two major oil producers, plummeting oil prices amid a fall in demand from the coronavirus outbreak.
The Monday meeting was set after US President Donald Trump told CNBC on Thursday that he expected Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman to announce a deal to cut production by up to 15 million barrels, and that he had spoken to the two leaders.
According to a CNBC report, tensions between Saudi Arabia and Russia escalated on Friday, and the meeting will "likely" be held on Thursday.