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Oil prices surge more than 6% in Asian trade

Prime News, International and National, Fuel, Business, Riyadh (KSA)/Moscow (Russia), March 10:- Oil prices surged more than six percent in Asian trade today (Mar 10) 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 US dollar a barrel while Brent crude advanced 6.6 percent to over 36 US dollar a barrel.

Prices had plunged by almost a third on 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 the oil-exporting group Organisation of the Petroleum Exporting Countries (OPEC), which includes Saudi Arabia, for deeper output cuts to combat a coronavirus-fuelled slump in demand. (Inputs: Agencies, NGB)

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