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Oil CRASHES 30% over Saudi Arabia-Russia crude price war & coronavirus fears

Oil plunged nearly 30% in chaotic market opening, with main crude benchmarks Brent and WTI both trading below $35 a barrel amid fears of an all-out price war following the collapse of an output cut deal between Russian and OPEC.

Asian markets opened with a massive gap on Monday, with Brent falling nearly 30 per cent to $31.38 per barrel within seconds, while WTI dipped below $28 – the lowest since 2016 – before bouncing back slightly.

On Saturday, Saudi Arabia announced a stunning discount of $6 to $8 per barrel to its customers in Asia, Europe and the United States  – and said it would boost the oil production despite the global economy slowdown and crude demand drop.

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The sudden move was seen as a sign of an all-out oil price war, after a supply cut deal between Russia and 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 additinal oil cuts despite concerns over the coronavirus outbreak that created an “unprecedented situation.”

Also on rt.com NOPEC! Oil prices plummet after Russia rejects new crude production cuts

“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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