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Oil prices fall to 17-year low

Date: 31 March 2020 Tags: Miscellaneous
  • Oil prices extended losses in Asian trade and languished at 17-year lows, with the coronavirus crisis escalating around the world and no end in sight to a vicious price war.
  • The falls came after the death toll from the pandemic surged past 34,000 as cases in hard-hit Europe and the United States showed no sign of letting up.
  • Even as demand falls, supply has increased dramatically after top producers Saudi Arabia and Russia engage in a price war following a row about whether to cut output to support prices.