No end in sight for meltdown as oil plunges 24% in a day
‘What we are seeing here is essentially the atomic bomb equivalent in the oil markets’
18 March 2020 - 23:05
New York — Oil is ensnared in such as crisis that Wednesday’s 24% plunge in New York wasn’t even its worst day in March.
Futures are now at the lowest level in almost two decades after Saudi Arabia signalled it’s doubling down on a price war with Russia just as demand evaporates. Prices dropped below $25 a barrel for the first time since 2003 in London and tumbled 24% in New York as the kingdom vowed to keep producing at a record high “over the coming months”...
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