Oil slumps below $30/bbl as coronavirus spreads, Opec rancor remains elevated

NEW YORK: Oil prices fell below $30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, leading governments and businesses to shut down as the global economy appeared to be headed toward certain recession.

At the same time, Saudi Arabia reiterated its plans to boost production in response to a developing price war with its rival Russia after efforts to restrict supply failed earlier this month. The coming flood of supply could result in the largest surplus of crude in history, analysts said.