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's 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's 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.
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