Oil Prices See Historic Crash

(Undated) — Oil prices are crashing after Saudi Arabia started a price war with Russia on Sunday.

International benchmark Brent crude was down 22% to $35 a barrel. West Texas Intermediate crude prices are down 27% to a four-year-low of $30 a barrel. It’s turning out to be the worst day for oil prices since 1991.

It comes after Russia refused to join OPEC’s efforts to cut production in response to an oil market suffering amid the global coronavirus outbreak, which led to a 10% drop in prices on Friday.