Oil prices slip after Saudi-Russian output discussions showed no immediate signs of progress
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.
“Perhaps it is best that the meeting was delayed for producers to cement a minimum of common ground before the actual discussions take place on Thursday,” said BNP Paribas analyst Harry Tchilinguirian, although he said initial disappointment at the delay had driven down prices in Asian business. But Rystad Energy’s head of oil markets Bjornar Tonhaugen said even if the group agree to cut up to 15 million bpd, “it will only be enough to scratch the surface of the more than 23 million bpd supply overhang predicted for April 2020.”
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