Brent crude futures fell US$10.91, or 24.1%, to settle at $34.36 a barrel. The contract fell by as much as 31% earlier in the day to $31.02, its lowest since Feb. 12,2016. U.S. West Texas Intermediate (WTI) crude fell $10.15, or 24.6%, to settle at $31.13 a barrel. WTI earlier dropped 33% to $27.34, also the lowest since Feb. 12,2016.
NEW YORK: 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.
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