Oil prices fall after OPEC+ delays meeting
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The news: Oil prices fell almost 1% after major producers delayed a meeting on further cuts, raising hopes of stable supply, Reuters reported.
The OPEC+ group, which includes the Organisation of the Petroleum Exporting Countries as well as Saudi Arabia and Russia, postponed the meeting that had been scheduled for next week in Vienna.
The numbers: Brent crude settled 49 US cents lower to $US81.96 a barrel, recovering from steep losses overnight of nearly 5%.
Brent has fallen from near $US98 a barrel in late September, pressured by rising supplies and concern about demand and a potential economic slowdown.
The context: OPEC+ members had been due to consider more changes to a pact that limits supply into 2024. The meeting was expected to be held in OPEC's Vienna headquarters.
UBS analyst Giovanni Staunovo told Reuters the postponement showed there were differing views among participants.
The source: Reuters
