NEW YORK — Global benchmark oil prices traded as much as $3 a barrel lower as the market opened for Monday's trading session, reflecting fears of oversupply after Saudi Arabia and Russia postponed to Thursday a meeting about a potential pact to cut production. The COVID-19 pandemic caused by the novel coronavirus has cut demand and a month-long price war between Saudi Arabia and Russia has left the market awash in crude. During the month, prices have plummeted as the market has waited for a plan to cut production from OPEC and its allies. Over the weekend, Saudi Arabia sent a signal that a production cut deal may be ahead, potentially muting the price decline. U.S. President Donald Trump said he will put pressure on Saudi Arabia and its allies for such a deal.

Source: International New York Times April 05, 2020 20:30 UTC