Oil crashes after Saudi Arabia declares price war amid coronavirus

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Oil crashes after Saudi Arabia declares price...
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Oil prices plummeted around 30% on Monday, with U.S. oil heading for its biggest loss on record, after Saudi Arabia slashed prices and set plans for a dramatic increase in crude production in April.

Prices fell by as much as a third following Saudi Arabia’s move to start a price war after Russia balked at making the further steep output cuts proposed by OPEC to stabilize oil markets hit by worries over the global spread of the coronavirus.

Brent crude futures were down $13.29, or 29%, at $31.98 a barrel by 0433 GMT, after earlier dropping to...


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Oil crashes after Saudi Arabia declares price war amid coronavirus


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