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.
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