More pain for oil markets as the Russia-Saudi price war escalates

PUBLISHED: Wed, 11 Mar 2020 14:38:38 GMT


Oil prices have given up gains scored earlier today after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day. Brent crude slid $1 and 20 cents to trade a $36 per barrel, while U.S. West Texas Intermediate crude dropped $1 and 12 cents to $33 and 24 cents. As global markets continue to respond to impact from the coronavirus, Lukman Otunuga, Senior Research Analyst at FXTM Market joins CNBC Africa for more.

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