US benchmark West Texas Intermediate briefly fell below US$30 a barrel. FMTNews Oil
SINGAPORE: Oil prices extended the gloom on Monday after a Saudi-Russian price war and an equities meltdown sparked by the coronavirus pandemic saw their biggest weekly losses in more than a decade.
Last week’s price war began after Saudi Arabia and other members of the Opec oil cartel pushed for an output cut to combat the impact of the virus outbreak. The Covid-19 outbreak added to downward pressure as it throttled global equities, with growing concerns over a potential worldwide recession and escalating travel restrictions prompting a crash in demand forecasts.
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