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Oil Prices Fall 30% as
Brent Crude Settles at US$ 31.38 and US Crude Settles at US$ 27.77 a
Barrel
09 March 2020
Brent Futures fell more than 29%, the
lowest closing price since 2016 after Saudi Arabia had reduced the
official sale price of its oil, which gives indications for a start of
prices war following OPEC-Russia flop to reach an agreement on massive
production cuts.
As Russia rejected, on Friday, OPEC
proposal to make major cuts to its oil production for stability in
prices which had been harmed so far by the economic fallouts of
coronavirus outbreak, OPEC responded in turn by canceling the
constraints on its oil production.
Brent crude benchmark prices plunged
US$ 13.58 (30%) to reach US$ 31.38 per barrel. Simultaneously US crude
slumped US$13.48 (32.66%) to reach 27.77 per barrel.