Oil tumbles over 4% on Opec+ meet delay

Oil extended declines as the Opec+ meeting that had been set for the weekend was delayed.

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Global benchmark Brent fell as much as 4.7%, trading below $80 a barrel. The gathering will be delayed until next week. Talks had earlier hit turbulence as Saudi Arabia undertook difficult talks with member states about production levels.

Oil has been buffeted in recent weeks by indications that supplies are expanding, which has complicated the run-up to the meeting. Last week, prices fell to a three-month low, driven by growing production in countries both inside and outside of the Organization of Petroleum Exporting Countries and its allies.