Oil Hovers at $30 and Goldman Warns of More Losses to Come

Oil erased gains as the shutdown of swaths of the global economy triggered a meltdown in fuel demand. Futures in London traded little changed after earlier rising as much as 4%, as measures by governments to restrict travel hammered fuel consumption and led to the biggest daily decline in U.S. gasoline prices since 2005. A.

Saudi economy grows just 0.3% in 2019 as oil sector shrinks

DUBAI (Reuters) – Saudi Arabia’s economy grew by a weaker-than-expected 0.3% in 2019 as the oil sector contracted sharply, official data showed on Sunday, although the non-oil sector accelerated. Saudi Arabia, the world’s biggest oil exporter, wants to boost the private sector and diversify its economy away from oil, but sliding oil prices and crude.

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