On the technical side, a close below $9 a barrel would take prices further lower to $3 or even to negative territory. On the higher side, prices need to stabilise above $33 to negate the broad bearish outlook.
Indian traders were run over by the virus, the oil market, the regulator and the commodity exchange MCX
If crude prices are down by 30 percent from recent highs of $76 – 52, it is something to worry about but not to celebrate, suggest experts.
With crude prices soaring and many currencies in emerging markets, including India's rupee and Indonesia's rupiah declining, analysts warn that economic growth may be eroded
Oil ports, producers and refiners in Louisiana, Mississippi and Alabama, which shut facilities ahead of Hurricane Nate, were planning to reopen on Monday as the storm moved inland, away from most energy infrastructure on the U.S. Gulf Coast.
London Brent crude for September delivery was up 12 cents at $48.18 a barrel by 0651 GMT. The contract settled down $1.24, or 2.5 percent, on Friday after a consultancy forecast a rise in OPEC production for July.
Under the deal, they will bring it down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE, and Kuwait making the biggest cuts. A number of non-OPEC producers have joined OPEC in these cuts. They have agreed to reduce production by about 560, 000 barrels per day.
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Asian shares opened in the red on Monday after a sharply lower finish for major US indexes on Friday amid concerns central banks will become less accomodative. Oil prices extended declines on Monday amid projections that US data is set to show a big rebound in crude inventories.
Oil prices hit a one-week high on Monday after Russia and Saudi Arabia agreed to cooperate on stabilizing the oil market, but they have since fallen due to the mounting uncertainty over a deal.
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