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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	Oil prices surged more than six percent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than $33 a barrel while Brent crude advanced 6.6 percent to over $36 a barrel. Prices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War, after Riyadh drove through massive price cuts in a bid to win market share. That came after Russia rejected calls from oil-exporting group OPEC, which includes Saudi Arabia, for deeper output cuts to combat a coronavirus-fuelled slump in demand. The bust-up signals the disintegration of an alliance between OPEC and Russia, the world's second-biggest oil producer, which sought to control supply to support prices. "Investors are buckling in for a protracted and precarious battle of the oil mega powers for world dominance," said Stephen Innes, chief market strategist at AxiCorp. He said it was unclear whether the Saudi move was "a short-term strategy or will be sustained for a prolonged period -- which makes the outlook for crude prices extraordinarily uncertain". sr/hg
schema:headline	Oil prices claw back ground after crash
schema:mentions	Claw OPEC Riyadh Buckling Gulf War Barrel Asia Saudi Arabia Russia Price war Brent Crude Microsoft Outlook West Texas Intermediate
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-10 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	75 (xsd:integer)

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