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.

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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.