Oil slips on oversupply fears

A currency dealer works in the trading room of KB Kookmin Bank in Seoul, South Korea. EPA-EFE/YONHAP

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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.

In currency markets, sterling fell 0.4% early in Asia after British Prime Minister Boris Johnson was admitted to hospital following persistent coronavirus symptoms 10 days after testing positive for the virus.

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.

Equity investors, however, took solace as the death toll from the coronavirus slowed across major European nations including France and Italy.

Read more via Reuters

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