Oil prices suffered an historic collapse late Sunday after Saudi Arabia shocked the market by launching a price war against onetime ally Russia.
US oil prices crashed as much as 27% to a four-year low of $30 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share.
Crude was recently trading down 22% to $32 a barrel. Brent crude, the global benchmark, also plunged 22% to $35 a barrel. Both oil contracts are on track for their worst day since 1991, according to Refinitiv.
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