Oil drops over $1 on oversupply after OPEC+ delays meeting

Oil drops over $1 on oversupply after OPEC+ delays meeting

SINGAPORE/NEW YORK (Reuters) - Oil prices slipped more than $1 a barrel on Monday, after the world's top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.. The head of the International Energy Agency has said oil inventories would still rise by 15 million bpd in the second quarter even with output cuts of 10 million bpd.. Oil prices could also firm as decades-low prices have already forced producers to cut output, CMC's McCarthy said.. "There's a lot of talk about potential bankruptcies particularly in U.S. shale producers and that deals with a lot of supply issues that's plaguing the market," McCarthy said.. Brazil's Petrobras has also doubled its oil output cuts to 200,000 bpd, or 6% of its total production..