Oil plummets in biggest daily rout since 1991 Gulf War
Oil loses about a third of its value after Saudi Arabia signals it will hike output to win market share
09 March 2020 - 13:02
London — Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War after Saudi Arabia signalled it would hike output to win market share when the coronavirus has already left the market oversupplied.
Saudi Arabia slashed its official selling prices and made plans to ramp up crude output in April after Russia balked at making a further steep output cut proposed by Opec to stabilise oil markets...
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