Oil falls after Saudi Arabia, Russia delay meeting

Oil prices fell on Monday after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help reduce global oversupply as the coronavirus pandemic pummels demand.

Brent crude LCoc1 fell more than $3 when Asian markets opened but recovered some ground, with traders hopeful that a deal between the top producers was still within reach.

At 1012 GMT, Brent was down $1.23, or 3.6%, at $32.88 a barrel. U.S. crude CLc1 was $1.01, or 3.6%, lower at $27.33 a barrel, off a session low of $25.28.