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Reuters reported that a letter to the Saudi Crown Prince from US lawmakers says failure to reverse oil crisis means they will encourage any reciprocal responses by US government.

  • “A group of Republicans in the U.S. House of Representatives told Saudi Crown Prince Mohammed bin Salman on Wednesday that economic and military cooperation between the two countries is in jeopardy unless the kingdom helps to stabilize oil prices by cutting crude output.

  • “If the Kingdom fails to act fairly to reverse this manufactured energy crisis, we would encourage any reciprocal responses that the U.S. government deems appropriate,” said a letter to the crown prince signed by nearly 50 Republican US Representatives. Crude oil prices have plummeted as the spread of the coronavirus crushes demand and as Saudi Arabia and Russia pump oil flat out in a race for market share.”

 

In other news, related to oil markets, the Saudi-led coalition announces a ceasefire for two weeks in Yemen starting Thursday 1200 pm (not midnight).

  • WTI drops toward $24 after EIA reports largest-ever weekly increase in US oil stocks