Oil prices surge more than 6% in Asian trade day after crash, following heavy losses

Oil prices surged more than six percent in Asian trade today following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. West Texas Intermediate was trading up 6.1 percent at more than 33 US dollar a barrel while Brent crude advanced 6.6 percent to over 36 US dollar a barrel. Prices had plunged by almost a third yesterday, the biggest drop since the 1991 Gulf War after Riyadh drove through massive price cuts in a bid to win market share. That came after Ru...