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Oil Prices Tumble On Oversupply Fears

Oil prices tumbled around 4 percent on Monday after a scheduled meeting between the Organization of the Petroleum Exporting Countries and its allies was delayed.

Benchmark Brent crude fell 3.6 percent to $32.88 a barrel, while U.S. West Texas Intermediate (WTI) futures were down 4 percent at $27.20 a barrel.

Saudi Arabia and Russia were initially set to meet today to strike a deal to cut crude supply worldwide by at least 10 million barrels per day.

The meeting has now been postponed to April 9, but Russian sovereign wealth fund RDIF told CNBC that the countries are "very, very close" to the deal.

Last week, oil prices posted their best week on record on hopes for a truce in the brutal oil price war between Saudi Arabia and Russia.

The two countries have been locked in an epic price war since early March after Russia rejected the 1.5 million barrels per day cut that Saudi Arabia had proposed in a bid to prop up falling oil prices.

At a press briefing on Sunday, U.S. President Donald Trump said if Saudi Arabia and Russia, two of the world's largest oil producers, couldn't cut a deal to end their oil price war he would impose "very substantial tariffs" on oil imports in order to protect U.S. jobs. At the same time, Trump downplayed using tariffs in the immediate future.

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