International oil stocks are taking a major hit today following the failure of crude producing countries to agree to production cuts as demand for oil falls amid fears about the coronavirus saudi arabia does say it will increase output after a dispute with russia so lets get the latest now from markets kind of mark and he joins us. Its been a shocking day hasnt it for the markets just bring us up today its about whats happening. Well its a somber atmosphere here on wall street in the New York Stock Exchange theyre already calling it black monday at this point futures trading has been stopped for the 1st time in 4 years and this is actually the biggest drop on wall street that weve seen since the 2008 financial crisis now Oil Prices Went down by roughly 30 percent there a big drop in oil prices apparently the issue seems to be that the opec negotiations were taking place and saudi arabia. Was putting forward the idea that a cap should be placed on production to deal with the slipping de
For that welcome youre watching international now as World Oil Stocks are taking a heavy hit following the failure of crude producing countries to agree production cuts but as demand for oil fulls saudi arabia says it will increase output on quarter joins me studio next tell us more about what is happening dont know exactly what is happening there why would saudi arabia decide to increase production well in the World Markets are just going way down since mondays opening in the asian markets have taken a serious plunge european and american futures have gone into freefall and oil prices have seen their biggest fall since the 1st gulf war in 1901. And so just explain then we know you know disastrous situation as far as always is concerned today but why is this happening what has led up to this well basically a price war is raging right now between saudi arabia and russia it started over the weekend when riyadh which runs the Worlds Largest oil company cut its export prices to between 6.
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