Oil prices rose by more than $1 on Tuesday after a price war by top producers Sa...
SINGAPORE - Oil prices rose by more than $1 on Tuesday after a price war by top producers Saudi Arabia and Russia sparked the biggest daily rout since the 1991 Gulf War, but investors saw little chance of a quick price recovery as the coronavirus cuts demand.Saudi Arabia and Russia both said they would raise production at the weekend after a three-year pact between them and other major oil producers to limit supply fell apart on Friday.
Both benchmarks dropped to their lowest since February 2016 in the previous session and recorded their biggest one-day percentage declines since Jan. 17, 1991, when oil prices fell at the outset of the U.S. Gulf War.But analysts do not expect oil prices to regain the nearly 25% slump from Friday’s close as the coronavirus outbreak cuts demand.
Energy stock prices have also fallen sharply, and shale producers began cutting spending in anticipation of lower revenues. Exxon shares lost more than 12%, the largest one-day percentage loss since Oct. 15, 2008, the height of the financial crisis. Chevron’s shares fell more than 15%, the biggest loss since the October 1987 “Black Monday” market crash.
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