Coronavirus: Oil price collapse hits Middle East markets

clock • 2 min read

Stock markets in the Middle East collapsed on Sunday 8 March on fears of an oil price war sparked by Saudi Arabia's response to Russia's rejection of proposed output cuts to deal with a global collapse in demand in the wake of the spread of coronavirus. Opec had proposed the cuts particularly in light of the collapse in demand from China, as the world's second biggest economy slowed significantly in February in the wake of measures to combat coronavirus. Projections are for big hits to developed economies in the first and second quarters of 2020. This morning the price of Brent crude ...

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