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Saudi Arabia isn’t backing down in an oil-market war that erupted over the weekend. State-run Saudi Aramco said Tuesday it will increase April production to 12.3 million barrels per day, or 300,000 more than the oil giant’s maximum sustained capacity of 12 million. Brent crude oil rose 10 percent to $37.80 a barrel Tuesday morning. The international benchmark plunged by 24.1 percent to $34.36 a barrel the prior session after Saudi Arabia cut prices and said it would raise production in April. The drop was the biggest since the start of the 1991 Persian Gulf War.
Tuesday, March 10, 2020
Saudi Arabia isn’t backing down in an oil-market war that erupted over the weekend.
at 4:15 PM