Oil settles nearly 25% lower, for biggest one-day drop since 1991, on price-war fears

posted by editor on 2020-03-09 20:56:31 in Forex, Forex Market, Oil, Oil prices, OPEC-Russia oil price war | 0 comments

Oil futures on Monday suffered their biggest one-day plunge since the Gulf War in January 1991, slumping to a four-year low as Russia and Saudi Arabia geared up for a global price war that threatens to flood the world with crude at the same time demand is under pressure due to the global spread of COVID-19. West Texas Intermediate crude for April delivery CLJ20, -26.017% on the New York Mercantile Exchange fell $10.15, or 24.6%, to end at $31.13 a barrel.

Source: www.marketwatch.com

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