Why crude oil prices crashed 30% today: key things to know
Crude oil prices tanked over 30 per cent in Monday’s trade after Saudi Arabia slashed prices and set plans for a big increase in crude production in April. WTI crude oil traded 30.96 per cent, down at $28.50 per barrel in the international market. Brent crude oil was down 28.61 per cent at $32.32 per barrel.
Below are key things you need to know about falling crude oil price and its impact on the Indian economy.
Why did crude oil slip today?
Crude prices declined after the Saudi move to start a price war after Russia balked at making further steep output cuts proposed by OPEC to stabilise oil markets hit by worries over the global spread of the coronavirus.
