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3/30, 4:38 PM (Source: TeleTrader)
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Brent sinks 10% ahead of Trump's call with Putin

Oil extended losses on Monday as Brent sank over 10% to reach its lowest price since 2002 ahead of the phone call between United States President Donald Trump and his Russian counterpart Vladimir Putin, when the two leaders will discuss oil prices.

Meanwhile, Saudi Energy Ministry informed there have been no discussions on stabilizing oil markets between its country and Russia. Around the same time, Russia's Deputy Energy Minister Pavel Sorokin insisted domestic companies won't "artificially influence" the declining oil prices.

West Texas Intermediate futures for settlement in May dropped 6.51% at 10:15 am ET, going for $20.13 per barrel, after yesterday reaching the lowest level since February 2002. Brent contracts for the delivery in the same month plunged 10.15% to sell for $22.40 a barrel at 10:25 am ET.

Breaking the News / ND