Brent futures had their its biggest daily percentage fall since December 2008, down US$4.72, or 9.4%, to settle at $45.27 a barrel. It was Brent's lowest closing price since June 2017. U.S. West Texas Intermediate crude dropped $4.62, or 10.1%, to $41.28, its lowest close since August 2016 and the largest daily percentage loss since November 2014. More than 4.58 million U.S. front-month crude contracts changed hands this week, the busiest week ever for that contract. Both Brent and WTI are down over 30% so far this year.
SINGAPORE: Oil markets crashed more than 30% after the disintegration of the Opec+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences.
Brent futures suffered the second-largest decline on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf War in 1991. As the global oil benchmark plummeted to as low as $31.02 a barrel, Goldman Sachs Group Inc. warned prices could drop to near $20 a barrel.
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