Reuters: Oil slips on oversupply fears, but stocks jump on virus slowdown hopes
Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.
Brent crude fell as much as $4 after Saudi Arabia and Russia postponed their meeting, initially scheduled for Monday, to Thursday even as the virus pandemic pummels demand, Reuters said.
Equity investors, however, took solace as the death toll from the coronavirus slowed across major European nations including France and Italy.
In commodities, Brent crude futures was down nearly 3%, or $1, at $31.14 a barrel while U.S. crude slipped 4.4%, or $1.24, to $27.09.