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TOKYO: Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears.
NEW YORK: Crude oil benchmarks ended a volatile quarter with their biggest losses in history, as both U.S. and Brent futures were hammered throughout March on the global economic freeze due to the coronavirus pandemic and the eruption of a price war between Russia and Saudi Arabia.
NEW YORK: Wall Street's three major indexes tumbled on Tuesday, with the Dow registering its biggest quarterly decline since 1987 and the S&P 500 suffering its deepest quarterly drop since the financial crisis on growing evidence of massive economic damage from the coronavirus pandemic.
LONDON: Royal Dutch Shell expects to write down up to US$800mil in the first quarter of 2020, following a slump in oil prices that has also slowed the energy giant’s operations.
LONDON: Royal Dutch Shell slowed refining output and will write down up to $800 million in the first quarter of 2020 after a dramatic drop in oil demand due to the coronavirus.
SYDNEY/HONG KONG: Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down.
LONDON/NEW YORK: Physical crude prices slumped worldwide on Monday, falling faster than comparable benchmark futures as merchants offered big discounts on shipments and the market braced for a flood of oil from Saudi Arabia and Russia.
WASHINGTON/MOSCOW: U.S. President Donald Trump and Russian President Vladimir Putin agreed during a phone call on Monday to have their top energy officials discuss slumping global oil markets, the Kremlin said, as Trump called Russia's price war with Saudi Arabia "crazy."
PETALING JAYA: The local stock market has started the week in the red after a strong rally last week that saw the benchmark index, the FBM KLCI, surging more than 10% as the market anticipated the massive stimulus package by the government.
OIL slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus of crude.