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The virtual emergency meeting between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers that was scheduled to take place on April 6th could be postponed to April 8th or 9th, Reuters reported on Saturday, citing two sources.

According to sources, producers will have more time to negotiate on output cuts by delaying the meeting.

Crude oil rally

Crude oil prices rose sharply during the second half of the week on hopes of output cuts. After erasing more than 55% in March, the barrel of West Texas Intermediate closed the week with an impressive gain of 32% at $28.80.