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John Wang
in
Stocks
April 6 19:11

Oil prices lose ground when the Russia and Saudi Arabia postpone the meeting

  Countries blame each other.
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Oil prices have gone down on April 6 after the meeting between Saudi Arabia and Russia has been postponed. Countries have moved their negotiations on April 9.

Last week, when the meeting has been announced by Donald Trump, the market saw significant gains. However, now the prices are going back down. Brent Crude has tumbled almost to US$30 - afterwards the index has recuperated and has gone back up to US$33.87 per barrel, losing only 24 cents. WTI crude has gone down by 1.5%, losing 41 cents, and has ended up at US$27.93.

Russia and Saudi Arabia were supposed to meet today, on April 6, to discuss the issues of global oil supply and prices. The meeting has been delayed after both countries have accused each other for causing the crisis.
The markets hope, that the meeting will lead to a significant reduction of crude oil production. Donald Trump has stated, that he is ready to impose tariffs on imported oil if it will be necessary.