Oil crashes after Saudi Arabia launches price war

Oil crashes after Saudi Arabia launches price war

Malaysia Sun-International·2020-03-09 12:13

Oil plunged over 20 percent on Monday after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.

The two main contracts both lost about a fifth of their value in morning Asian trade, with West Texas Intermediate sliding to about $32 a barrel and Brent crude to about $36 a barrel.

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