Saudi Arabia slashed its official crude pricing and is threatening record output while Russia’s largest producer said it will ramp up production next month. This is happening at a time when demand is being drastically eroded by the virus impact, with the International Energy Agency now expecting global oil consumption to contract by 90,000 barrels a day this year.
(Mar 10): Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks.
Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday – the biggest price drop since the 1991 Gulf War. A gauge of volatility in New York futures jumped to the highest level since at least 2007.
