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| Oil CRASHES 30% over Saudi Arabia-Russia crude price war fears & coronavirus concerns | |
| (32 minutes later) | |
| Oil plunged nearly 30% in chaotic market opening, with main crude benchmarks Brent and WTI both trading below $35 a barrel amid fears of an all-out price war following the collapse of an output cut deal between Russian and OPEC. | |
| Asian markets opened with a massive gap on Monday, with Brent falling nearly 30 per cent to $32.05 per barrel within seconds, while WTI dipped below $30 – the lowest since 2016 – before bouncing back slightly, to $33.9 and $30.5 respectively. | Asian markets opened with a massive gap on Monday, with Brent falling nearly 30 per cent to $32.05 per barrel within seconds, while WTI dipped below $30 – the lowest since 2016 – before bouncing back slightly, to $33.9 and $30.5 respectively. |
| On Saturday, Saudi Arabia announced a stunning discount of $6 to $8 per barrel to its customers in Asia, Europe and the United States – and said it would boost the oil production despite the global economy slowdown and crude demand drop. The sudden move was seen as a sign of an all-out oil price war, after a supply cut deal between Russia and the Organisation of the Petroleum Exporting Countries had collapsed. | On Saturday, Saudi Arabia announced a stunning discount of $6 to $8 per barrel to its customers in Asia, Europe and the United States – and said it would boost the oil production despite the global economy slowdown and crude demand drop. The sudden move was seen as a sign of an all-out oil price war, after a supply cut deal between Russia and the Organisation of the Petroleum Exporting Countries had collapsed. |
| The OPEC and non-OPEC states held the consultations in Vienna on Friday, yet failed to reach an agreement on additinal oil cuts despite concerns over the coronavirus outbreak that created an “unprecedented situation.” | The OPEC and non-OPEC states held the consultations in Vienna on Friday, yet failed to reach an agreement on additinal oil cuts despite concerns over the coronavirus outbreak that created an “unprecedented situation.” |
| “From April 1 neither OPEC nor non-OPEC have restrictions,” Russian Energy Minister Alexander Novak told reporters, while Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said: “I will keep you wondering.” | “From April 1 neither OPEC nor non-OPEC have restrictions,” Russian Energy Minister Alexander Novak told reporters, while Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said: “I will keep you wondering.” |
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