Oil prices fall to 17-year low as Saudi Arabia-Russia standoff continues

      Published on Wednesday, 1 April , 2020      1059 Views     
Oil prices fall to 17-year low as Saudi Arabia-Russia standoff continues

  • Business

Brent crude prices hit $23.03 a barrel on Monday morning during Asia hours – the lowest level since Nov. 15, 2002.

It has since clawed back some losses following that record decline, but was last still 5.86% lower at $23.47 a barrel.

U.S. West Texas Intermediate (WTI) crude futures briefly dipped below $20 per barrel to $19.90 – their lowest level since March 20, when they fell as low as $19.50. WTI was last 4.51% lower at $20.54 per barrel.

Those declines come as Saudi Arabia signaled no breakthrough in the oil price war with Russia.

On Friday, the two countries were still at a stalemate, with Saudi Arabia saying it was not in talks with Russia to stabilize oil markets despite Washington stepping in to pressure both sides to end the price war.

“Russia and Saudi Arabia show no signs of compromising in their standoff over oil supply,” National Australia Bank’s Rodrigo Catril wrote in a Monday note.Saudi Aramco oil processing facility in Saudi Arabia

Category Business, World News | 2020/04/01 latest update at 9:00 PM
Source : CNBC | Photocredit : Google
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