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Saudi Arabia is expected to host the virtual OPEC+ emergency meeting on Thursday and will be delaying the release of its oil selling price until after the meeting is completed, Reuters reported on Sunday, citing a senior Saudi source familiar with talks.

“Saudi Arabia wants to avoid a repeat of what happened in March where oil talks collapsed due to lack of Russia’s cooperation with the rest of OPEC+ participants,” the source added. “Saudi Arabia’s delay in issuing may crude prices is an unprecedented measure to allow more time to reach out to oil producers ahead of Thursday’s meeting.

WTI

The barrel of West Texas Intermediate (WTI) closed the previous week 32% higher at $28.80 and this headline could help the WTI start the new week on strong footing.