Oil keeps losing ground as coronavirus and price war take their toll
Fear drives plunge as market players remain unconvinced that monetary policy easing and liquidity injections will solve healthcare crisis, analyst says
16 March 2020 - 08:12
Singapore — Oil extended losses on Monday as an emergency rate cut by the US Federal Reserve failed to soothe global financial markets panicked by the rapid spread of the coronavirus while a price war rages on between top producers.
Brent crude fell $1.13 to $32.72 a barrel by 4.30am, tumbling after last week’s plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63...
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