With the launch of the Murban crude futures contract, Abu Dhabi seeks to consolidate its position as a major oil producer for years to come.
Ankara’s intensification of exploration and drilling activities will coincide with easing of pandemic restrictions, with Exxon Mobil, Eni, and Total suspending activities until next year.
US West Texas Intermediate (WTI) crude CLc1 futures skidded by as much as 16 percent and were off 14.7 percent, or $1.88 cents, at $10.90 a barrel as of 0158 GMT. WTI plunged 25 percent on Monday.
US crude oil futures turned negative for the first time in history as storage space was filling up, discouraging buyers as weak economic data from Germany and Japan cast doubt on when fuel consumption will recover.
Prices recently crashed as the coronavirus pandemic saps global demand, with the situation compounded by a supply glut resulting from a price war between Opec cartel kingpin Saudi Arabia and non-Opec rival Russia.
After an unfruitful meeting at OPEC headquarters in Vienna on Friday, Saudi Arabia failed to convince Russia to cut output. In retaliation, the country decided on Saturday to slash prices and increase output.
Prices are falling as Saudi Arabia, Russia and other oil-producing countries argue how much to cut production in order to prop up prices.
In the US, gasoline prices jumped after crude oil futures spiked nearly 15 percent following weekend attacks on Saudi Arabian oil facilities.
“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down,” Trump told reporters.
Brent crude oil prices on Thursday hit their highest so far this year, pushed up by ongoing supply cuts led by OPEC and by US sanctions against Venezuela and Iran.
US light crude (CLc1) rose $1.31 a barrel from Friday’s close to a peak of $71.11, its highest since mid-July, before easing to around $71.00, up $1.20, by 0900 GMT on Tuesday.
Many countries, including US allies in Europe as well as China and India oppose the sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil.
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