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| Brent, WTI futures CRASH 20% over Saudi Arabia-Russia oil price war fears & coronavirus concerns | |
| (32 minutes later) | |
| Oil prices plunged more than 20% in chaotic market opening, with main crude benchmarks, Brent and WTI, trading below $35 a barrel amid fears of an all-out price war following the collapse of the OPEC output cut deal. | |
| Asian markets opened with a massive gap on Monday, with Brent within seconds falling nearly 30 per cent to $32.05 per barrel, while WTI fell some 27 per cent to around $30 – the lowest since 2016 – before bouncing back slightly, to $35.3 and $32 respectively. | |
| On Saturday, Saudi Arabia announced a stunning discount of $6 to $8 per barrel to its customers in Asia, the United States and Europe – and said it would boost the oil production despite the global economy slowdown and demand drop. The sudden move was seen as a sign of an all-out oil price war, after supply cut deal between Russia and other countries with the Organisation of the Petroleum Exporting Countries had collapsed. | |
| The OPEC and non-OPEC states held the consultations in Vienna on Friday, yet failed to reach an agreement on oil cuts despite concerns over the coronavirus outbreak that created an “unprecedented situation.” | |
| “From April 1 neither OPEC nor non-OPEC have restrictions,” Russian Energy Minister Alexander Novak told reporters, while Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said: “I will keep you wondering.” | |
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