Oil prices have plunged 30% to around $31 a barrel - its lowest price since 1991!

Oil prices crashed as much as 30 per cent within seconds of the market opening on Sunday evening after Saudi Arabia launched an aggressive price war over the weekend, driving crude to its lowest level in four years.

Saudi Arabia kicked off an all-out oil war on Saturday, slashing official pricing for its crude and making the deepest cuts in at least 20 years on its main grades, in a bid to push as many barrels into the market as possible.

Asian markets opened with a massive gap on Monday, with Brent falling nearly 30 per cent to $32.05 per barrel within seconds, while WTI fell some 27 per cent to around $30 – the lowest since 2016 – before bouncing back slightly, to $35.3 and $32 respectively.

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