Oil futures skid to 12-year low as Russia-OPEC fail to reach deal in Vienna
The OPEC+ alliance’s dramatic failure to reach an output deal is most obviously being felt in oil futures, which plunged the most since 2008 in London. A look at the less-conspicuous corners of the market reveal the scale of the impact.
The potential collapse of the group led by Saudi Arabia and Russia is the latest blow to a market that was already dragged down by fears over the economic damage from the spread of the coronavirus. Global benchmark Brent crude, which was already down 24% through March 5, dropped 9.4% on Friday after the talks between members of the alliance collapsed in Vienna.
