Oil prices claw back ground after crash
MG News | March 10, 2020 at 08:30 AM GMT+05:00
March 10, 2020: Oil prices were up more than three percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia fired the opening salvo in a price war with Russia.
Both main contracts initially jumped more than four percent at the open, before falling back slightly.
West Texas Intermediate was trading up 3.4 percent at about $32 a barrel while Brent crude advanced 3.7 percent to around $35 a barrel.
Prices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, after Riyadh drove through the biggest cuts to prices in 20 years in a bid to win market share.
This came after Russia rejected calls from oil-exporting group OPEC, which includes Saudi Arabia, for deeper output cuts to combat a coronavirus-fuelled slump in demand.
The bust-up signals the disintegration of an alliance between OPEC and Russia, the world's second-biggest oil producer, which sought to control supply to support prices.
AFP/APP
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|---|---|---|
| KSE100 | 170,859.53 166.93M | 0.59% 995.00 |
| ALLSHR | 103,304.58 396.45M | 0.56% 579.45 |
| KSE30 | 52,002.23 76.88M | 0.64% 331.81 |
| KMI30 | 246,047.17 63.57M | 0.74% 1816.35 |
| KMIALLSHR | 67,556.90 219.97M | 0.62% 415.07 |
| BKTi | 45,674.00 21.03M | 0.36% 162.75 |
| OGTi | 34,272.09 15.72M | 1.44% 485.05 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 89,765.00 | 90,250.00 87,745.00 | -675.00 -0.75% |
| BRENT CRUDE | 61.42 | 61.50 61.07 | 0.30 0.49% |
| RICHARDS BAY COAL MONTHLY | 91.00 | 0.00 0.00 | 1.00 1.11% |
| ROTTERDAM COAL MONTHLY | 97.30 | 0.00 0.00 | 0.60 0.62% |
| USD RBD PALM OLEIN | 1,016.00 | 1,016.00 1,016.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 57.72 | 57.80 57.38 | 0.28 0.49% |
| SUGAR #11 WORLD | 15.10 | 15.27 14.83 | 0.25 1.68% |
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