Trump positively assesses the worst oil fall since 1991 and blames it on Russia, Saudi Arabia and fake news

[Askor lml]

Previously, markets reacted negatively to the collapse of crude.

US President Donald Trump has commented on Monday the worst oil crash since 1991, recorded last weekend.

"Good for the consumer, gas prices are going down!", The president wrote in his Twitter account.

"Saudi Arabia and Russia are discussing the price and flow of oil. That and the fake news are the reason for the market crash!" He added moments later in another tweet.

Oil crash
Last Thursday, the Organization of Petroleum Exporting Countries (OPEC) proposed that OPEC + members make an additional cut in oil production of 1.5 million barrels per day in response to the reduction in global demand for hydrocarbons due to the coronavirus epidemic.

However, the parties failed to reach an agreement. As a result, as of April 1, all obligations of the parties to the agreement to limit fuel production will be canceled. For its part, Riyadh made the most drastic official price cut in at least 20 years and informed buyers that it will increase its crude oil production.

On the night of last Sunday, the price of Brent brand crude collapsed more than 30% to $ 31.7 per barrel, a fall that was slightly offset by a slight rise to $ 36.6 per barrel several hours later. On the other hand, the shares of the Saudi national oil company Saudi Aramco have lost about 10% of their value on Monday and reached $ 7.2, the minimum price recorded since the company's public sale offer in December last year .

The dynamics of oil affected several stock exchanges in the world. Thus, The FTSE MIB, the index of the Milan Stock Exchange, the main Italian stock exchange, has sunk more than 10% in the first minutes of this Monday. The British FTSE 100 index plummeted 8.8%, while the Paris, Frankfurt and Madrid stock exchanges fell more than 7%. Wall Street operations have stopped immediately after the opening on Monday, as the main indices, Dow Jones Industrial Average and S&P 500, fell more than the daily limit of 5%, which caused an automatic 15-minute pause.