The Saudi and Gulf financial markets dropped sharply Tuesday after the bottom fell out of the US crude oil futures market, which sank below $0 on Monday – a historic first. At its lowest point, US oil futures were being offered at negative $40 per barrel, and when the trading stopped, the price was negative $37.63, a decline of around 305%, or $55.90 per barrel. The Saudi TASI index dropped 1.5% at the opening of trade, while the oil giant Aramco fell 1.7%. The Dubai market was down 1.4%, the Abu Dhabi ADI index lost 0.5% in value and Kuwait’s BKP index fell 2%. The OPEC deal to cut more than 10% of oil production hasn’t been sufficient to stop the steady decline in the price of oil, caused by a 30% decline in demand in the wake of the coronavirus-induced drop in global economic activity.
This holiday season, give to:
Truth and understanding
The Media Line's intrepid correspondents are in Israel, Gaza, Lebanon, Syria and Pakistan providing first-person reporting.
They all said they cover it.
We see it.
We report with just one agenda: the truth.
