Saudi Arabia and Russia are playing hardball and waiting for each other to blink in the oil standoff, say analysts

The standoff between oil majors Saudi Arabia and Russia could “last a while” as they wait for each other “blink first,” an analyst said Tuesday.

The oil markets tanked Monday, plunging over 20% amid already poor sentiment due to the coronavirus outbreak.

The oil slump followed a disagreement on production cuts between OPEC and its allies. Russia declined to lower output last week, and Saudi…

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