Oil plunges 25%, hit by erupting Saudi Arabia-Russia oil price war


Crude prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply.

A nearly 25% slump in oil prices triggered panic selling and heavy losses on Wall Street's main stock indexes as the rapid spread of coronavirus amplified fears of a global recession. Saudi Arabia and Russia both said they would raise production at the weekend after a three-year pact between them and other major oil producers to.....

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