Oil prices suffered their biggest daily rout since the 1991 Gulf War as top producers Russia and Saudi Arabia launched a price war in the face of weak demand prompted by the spread of the coronavirus
Brent crude was trading at around $36 a barrel, down around 20 per cent by 16:45 GMT on Monday, when analysts lowered share price forecasts for top oil and gas producers
Throughout his presidency, Trump has frequently pointed to rising stock prices and record-high market indexes as a signal of the American economy's health.
Producers have cut costs, sold assets and canceled projects to repair balance sheets following crude's 2014-17 slump.
Easy liquidity available earlier is drying up, debt is piling up, debt repayments are due and a lot of investors are looking for profitability and not just production growth.
On Monday, Saudi Arabia reduced oil prices and offered to increase production, triggering a price war among oil-producing countries
Oil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia
The Saudi move was no shot across the bows aimed at Russia's reluctance to extend and boost a deal to curb production.
The potential collapse of the group led by Saudi Arabia and Russia is the latest blow to a market that was already dragged down by fears over the economic damage from the spread of the coronavirus
Team doctor Eduard Bezuglov told Russian news agency RIA Novosti on Friday that the players' clubs had been given recommendations based on a decree from Moscow mayor Sergei Sobyanin.
According to the plan drawn up by OPEC, allies in the so-called OPEC+ grouping -- Russia foremost among them -- would take on 500,000 barrels of the cuts
Oil demand growth forecasts for 2020 have been slashed because of global measures to halt the spread of the virus
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TASS state news agency showed Putin a list of popular Russian-language Internet searches including "Putin double proof".
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