NEW DELHI : The crude oil price war unleashed by Saudi Arabia, post the unravelling of the Organization of the Petroleum Exporting Countries (Opec) plus arrangement has put the oil markets in a tailspin, resulting in one of the biggest one day fall in the international benchmark Brent crude prices.
The oil markets witnessed the worst price dip since the 1991 Gulf War as Brent prices plunged to $31.02 per barrel. In what may further exacerbate the price situation, Goldman Sachs analysts are predicting that crude oil prices may plunge to $20 per barrel mark.
Brent was trading at $35.75 per barrel, a sharp fall from $45.27 per barrel and far lower than the highs of $147 per barrel in July 2008.
