Oil prices tumbled on Wednesday after Saudi Arabia dialled up its price war by hiking production by one million barrels a day, while a rally in equities went into reverse as investors nervously await a US coronavirus relief plan.
Markets had been showing signs of much-needed stability in early trade following two days of wild gyrations, thanks to a pledge by US President Donald Trump to unveil measures to counter the effects of the disease on the world’s biggest economy.
Crude had provided support, rising for a second day after Monday’s meltdown that marked the commodity’s worst selloff since the 1991 Gulf War.
