International benchmark Brent crude futures fell by about 30 percent to $32.05 per barrel, while WTI crude fell 27 percent to $30.07 per barrel, market data showed, after the Saudi-led OPEC, or the Organisation of the Petroleum Exporting Countries, failed to strike a deal.
US West Texas Intermediate (WTI) and international benchmark Brent crude futures fell over 20 percent in Sunday night trading,
Wow. Oil prices falls 30% immediately after market opens as Saudi Arabia launches oil price war.— David Sheppard (@OilSheppard) March 8, 2020
Brent crude falls to low of 31.52 a barrel. It traded at $70 as recently as January #OOTT #OPEC pic.twitter.com/QJZhRNnlPg
On Saturday, Saudi Arabia slashed the official selling price for its crude grades to all destinations as of April, after OPEC's oil supply cut deal with Russia and other countries fell through.
On Friday, OPEC+ members held negotiations in Vienna, Austria, suggesting the need to further decrease oil production amid the outbreak of coronavirus (COVID-19), where Russian Energy Minister Alexander Novak rejected an ultimatum to join in a collective production cut.