crude today 9-3-2020

Check out for Prices!

By Srinivas Chowdary Sunkara // petrobazaar // 9th March 2020.

Good morning Monday. Bad news for Oil and gas industry while good news for all other industries. Both the benchmark crude oil prices are turned down 25% during the Asian hours today. Brent is trading at $33.71 while WTI is moving around $30 levels. Consensus is on reaching the levels not seen during 2014 downturn. Oil prices dived more than 20% after Saudi announced week end discounts for its April month crude oil futures. The OPEC agreement scrapped after Russian&#39s poor response to proposed deeper cuts. Riyadh announced that the country will boost its oil output more than 10Mbpd in the month of April. With this move the world&#39s biggest oil producer officially announced price war in the market. It seems that all the predictions are out the window now. Bears celebrations will continue. Good day to all.

Disclaimer: Views and opinions expressed here are personal. This commentary is  for  information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

 

Disclaimer: Views and opinions expressed here are personal. This commentary is for information purposes only and not an offer or a solicitation to sell or buy any physical commodities or financial instruments. The views and analysis are based on reliable public information available at the time of writing. This report and its content cannot be copied, redistributed or reproduced in part or whole without the prior written permission of petrobazaar.com

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