Oil prices plunged around 25% on Monday after Saudi Arabia slashed prices and set plans for a big increase in crude production in April. Saudi move to start a price war after Russia balked at making the further steep output cuts proposed by OPEC to stabilize oil markets. Brent crude futures were down $11.31, or 25%, at $33.96 while U.S. West Texas Intermediate (WTI) crude fell by $10.73, or 26%, to $30.55 a barrel. Saudi is attempting to punish Russia, the world's second-largest producer, for not supporting the production cuts proposed last week by the OPEC.
Oil prices plunged on Monday, biggest daily drop since 1991
EnergyMar 9, 2020