Oil prices turn lower despite hints Russia and Saudi Arabia are ‘very close’ to a deal

Oil prices dropped during overnight trading on Sunday after OPEC+ announced it was delaying its meeting initially scheduled for Monday, stoking fears on the Street that a production cut might face hurdles.

U.S. West Texas Intermediate crude fell 9.2% to trade at $25.72 per barrel, while international benchmark Brent crude dipped 8.7% to $31.15 per barrel.

Oil surged last week — WTI and Brent are…

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