TOKYO (Reuters) – Oil fell by the most because 1991 on Monday after Saudi Arabia began a price war with Russia by slashing its asking price and pledging to unleash its bottled-up supply onto a market reeling from falling demand since of the coronavirus break out.
FILE IMAGE: Pump jacks run at sundown in Midland, Texas, U.S., February 11,2019 REUTERS/Nick Oxford/File Picture
Brent crude futures fell by as much as $1425, or 31.5%, to $3102 a barrel. That was the biggest percentage drop considering that Jan. 17, 1991, at the start of the first Gulf War and the lowest since Feb. 12,2016 It was trading at $3575 at 0114 GMT.
U.S. West Texas Intermediate (WTI) crude fell by as much as $1128, or 27.4%, to $30 a barrel. That was also the biggest percentage drop considering that the first Gulf War in January 1991 and the lowest considering that Feb. 22,2016 It was trading at $3261
Saudi Arabia, the world’s most significant oil exporter, is trying to punish Russia, the world’s second-