Oil down 20% after Saudi price cuts
Oil prices have taken a 20% plunge after top exporter Saudi Arabia made deep cuts as Opec and its allies could not come to an agreement. – EPA file pic, March 9, 2020.
OIL today plunged about 20% after top exporter Saudi Arabia made deep price cuts following a failure by Opec and its allies to strike a deal to support energy markets. The two main contracts were both down about 20% in morning Asian trade, with West Texas Intermediate sliding to around US$32 a barrel and Brent crude to some US$36 a barrel.
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