The Canadian Natural Resources Minister has expressed his concerns following today’s rout in the oil market.
Key comments:
Deeply concerned about global oil markets situation, closely monitoring the situation.
Oil updates
The price of oil was under immense pressure on Monday in the US session. The price of the front-month oil contract just marked history, plunging about 300% to settle negative $37.63 a barrel.
As US oil prices turned negative on Monday for the first time in history, Saudi Arabia and other OPEC members are to consider cutting their oil output as soon as possible, rather than waiting until next month.
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Oil Asia Price Forecast: WTI futures take a historic dive into negative territories, sub-zero
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Saudis mull applying oil cuts as soon as possible, time to buy oil?
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WTI contract expiring on Tuesday plunges into negative territory
More to come…
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