Brent plunges over 9% after OPEC-Plus meeting delayed

Brent crude prices continued to drop as the US market opened on Monday, falling more than 9% and and pulled back from 3-week high, on profit-taking and renewed worries over the output cut talks between Saudi Arabia and Russia, after OPEC-Plus emergency meeting that was scheduled for today was delayed.

Brent shed 9.2% to $31.68 , after it opened at $34.89, with a high of $34.22.

Brent rose 17.25% on Friday, its second daily gain, after hitting on Thursday a 3-week high of $36.16.

During the past week, Brent gained 39%, its first weekly gain in a month and a half, and the largest of all-time.

This all-time largest weekly gain came on prospects for a deeper output cut agreement in the next emergency meeting of the OPEC-Plus coalition, after the US intervened to persuade Saudi Arabia and Russia to balance the falling prices.

However, OPEC Plus announced postponing the meeting, which renewed worries over the output cut talks between Saudi Arabia and Russia.

The global coalition ended its last meeting of March without agreement, after Moscow rejected OPEC's proposal to deepen the output cut by an additional 1.5 million bpd, leading to a price war between Saudi Arabia and Russia.

While the next meeting was scheduled for later today via a closed conference call, after President Donald Trump said yesterday that he had spoke to Saudi Crown Prince Muhammad bin Salman and discussed ways to balance the global energy market, adding that he expects Saudi Arabia and Russia to agree on cutting back about 10 to 15 million barrels per day.

The CEO of the Russian National Wealth Fund's told CNBC today that Saudi Arabia and Russia are very close to production cut agreement.

While Reuters quoted a Saudi source that Riyadh has postponed the announcement of crude export prices, to wait for the outcome of the OPEC-Plus meeting regarding possible output cuts."