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Oil Drops 31% As OPEC Deal Collapse Sparks Price War, Global Markets Hit

Oil Drops 31% As OPEC Deal Collapse Sparks Price War, Global Markets Hit

Monday, March 9, 2020, 5:32 PM

Oil markets crashed more than 30 per cent after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. Brent futures suffered the second-largest decline on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf War in 1991.
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