OPEC+ technical meeting scheduled for Wednesday is cancelled – Reuters

A technical meeting between OPEC and non-OPEC producers that was scheduled to take place on Wednesday in Vienna has been called off, Reuters reported on Monday, citing a source with knowledge of the matter.

Crude oil reaction

Crude oil prices came under renewed bearish pressure on this headline and the barrel of West Texas Intermediate (WTI) edged lower in the last minutes. As of writing, the WTI was trading at $29.90, losing 10% on the day and the barrel of Brent was erasing 10.7% at $31.