Saturday July 4, 2020

More turbulence in oil prices in New York and London

Market was reacting to speculation over Russia/Saudi pact

16th February, 2016
Crude fell after climbing as much as 7.1 per cent in New York and 6.5 per cent in London Pic: Getty

Oil dropped on speculation that a pledge by Saudi Arabia and Russia to freeze production at January levels won’t succeed in tackling the global oil surplus.

Crude fell after climbing as much as 7.1 per cent in New York and 6.5 per cent in London. The agreement depends on other producers following suit, Qatar’s Energy Minister Mohammed bin Saleh al-Sada told reporters in Doha.

The pact won’t be meaningful unless Iran and Iraq,...

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