Oil prices plunge more than 30% after Saudi Arabia opened the taps in a price war with Russia. More here:
TOKYO - Oil prices plummeted around 30% on Monday after Saudi Arabia slashed its official selling prices and set plans for a dramatic increase in crude production next month, starting a price war even as spread of the coronavirus erodes global demand growth.
U.S. West Texas Intermediate crude fell by $11.88, or 29%, to $29.40 a barrel, after touching $27.34, also the lowest since Feb. 12, 2016. The U.S. benchmark was potentially heading for its biggest decline on record, surpassing a 33% fall in January 1991. Saudi Arabia plans to boost its crude output above 10 million barrels per day in April after the current deal to curb production expires at the end of March, two sources told Reuters on Sunday.
“The prognosis for the oil market is even more dire than in November 2014, when such a price war last started, as it comes to a head with the significant collapse in oil demand due to the coronavirus,” Goldman Sachs said.
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