Oil prices plunge 25% after the failure of the OPEC + agreement and Corona's concerns



Oil futures prices fell more than 25 percent to their lowest level since 2016 after Saudi Arabia lowered the official price for selling crude oil, indicating the start of a price war after OPEC's talks with Russia failed to reach an agreement on production cuts, and oil prices had opened down by 30%.

On Friday, Russia rejected OPEC's proposal to make deep production cuts in order to stabilize prices hit by the economic consequences of the Corona virus. OPEC responded by removing restrictions on its oil production.

Brent crude futures fell $ 11.38 a barrel, or 25 percent, to $ 33.95 a barrel, while US West Texas Intermediate crude fell $ 10.62, or 26.9 percent, to $ 30.51.

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