Oil plummets 31% in biggest drop since Gulf War as Saudi cuts spark all-out price war
tumbled 31% in a matter of seconds overnight on Sunday, their sharpest decline since the Gulf War in 1991. The losses are being fueled by sinking demand due to coronavirus concerns, which has in turn sparked a series of price cuts.
Saudi Arabia slashed its prices by the most in at least 20 years over the weekend. A price-cut free-for-all has broken out globally following the collapse of an OPEC+ alliance last week. Talks broke down after Russia refused to meet Saudi Arabia's request for output cuts, which would boost prices. Futures on the Dow Jones Industrial Average sank more than 900 points, while S&P 500 futures were hit with a 4% drop at open on Monday. Goldman Sachs analysts have warned that the price of oil could tumble even further, to $20 a barrel.amid concerns that coronavirus will slash demand for fuel. Prices sank as much as 11% — the most since 2014.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
31 Toys From Walmart That Might Just Make The Kid In Your Life Think You’re CoolIt's a never-ending endeavor, but these toys might just help.
Read more »
31 Beauty Products From Walmart You Might Want To Buy Two Of — They’re That GreatYou better make room on your vanity.
Read more »
Putin targets U.S. fracking with oil price war, in new threat to Trump's election-year economy'The Kremlin has decided to sacrifice OPEC+ to stop U.S. shale producers and punish the U.S. for messing with Nord Stream 2,' Alexander Dynkin told Bloomberg.
Read more »
U.S. stock futures, crude oil prices tumble on price-war fearsU.S stock futures and crude oil prices plunged immediately after the start of electronic trading late Sunday, as fears of a global oil-price war combined...
Read more »
Saudis Instigate Oil-Price Clash With RussiaOil prices crashed to their lowest levels since 2016 after Saudi Arabian state oil giant Aramco said it plans to cut prices, a move that escalates the kingdom’s clash with Russia and threatens to unleash a torrent of crude into well-supplied energy markets.
Read more »
Saudi Arabia slashes April crude oil prices after OPEC’s supply pact collapsedSaudi Arabia slashed its official selling price (OSP) for April for all its crud...
Read more »