Oil prices claw back ground after crash

MG News | March 10, 2020 at 08:30 AM GMT+05:00

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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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ALLSHR	100,871.92 395.66M	0.05% 48.64
KSE30	49,316.65 59.50M	0.05% 23.11
KMI30	239,907.60 63.28M	-0.05% -114.34
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Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	81,620.00	81,795.00 80,850.00	20.00 0.02%
BRENT CRUDE	109.95	110.00 104.91	4.03 3.80%
RICHARDS BAY COAL MONTHLY	128.50	0.00 0.00	0.05 0.04%
ROTTERDAM COAL MONTHLY	145.10	0.00 0.00	0.15 0.10%
USD RBD PALM OLEIN	1,167.50	1,167.50 1,167.50	0.00 0.00%
CRUDE OIL - WTI	99.04	99.34 95.29	2.54 2.63%
SUGAR #11 WORLD	20.85	21.01 20.47	-0.28 -1.33%