Oil plunges 25%, hit by erupting Saudi-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. [MKTS/GLOB]

from Reuters: Money News https://ift.tt/39CPFTn