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Crude oil price

Most Asian markets down as oil slump hits energy firms

Energy firms led a sell-off in most Asian equity markets on Tuesday a day after supply fears sent oil prices plunging, while confidence remains fragile owing to ongoing fears of a global trade war. After hitting three-and-a-half-year highs at the start of the month, crude has dropped almost 10 per cent as it is hit by a perfect storm of issues that have fuelled fears of a glut. Worries about the impact on demand caused by a possible trade war between the US and China took their toll last week, as did news that Libya was…

Opec oil ministers gather to discuss production increase

VIENNA: The oil ministers of the Opec cartel were gathering on Tuesday to discuss this week whether to increase production of crude and help limit a rise in global energy prices. The officials were arriving in Vienna ahead of the official meeting Friday, when they will also confer with Russia, a non-Opec country that since late 2016 has cooperated with the cartel to limit production. Analysts expect the group to discuss an increase in production of about 1 million barrels a day, ending the output cut agreed on in 2016.…