Foto: Markets Insider A graph showing the drop in the price of brent crude oil over the last 30 days.
Oil prices tumbled as much as 34% – their most in decades – between Sunday and Monday.
The dramatic plunge was prompted by Saudi Arabia, which sharply cut prices when its market opened Monday.
It was a response to Russia, which over the weekend refused to restrict how much oil it was producing.
The price of oil tumbled more than 30% on Monday, its sharpest single-day decline since the Gulf War in 1991.
The crash was fueled by sinking demand amid the worldwide spread of the novel coronavirus, which in turn sparked a series of price cuts.
Markets and assets across the board were also hit hard by the crash, Business Insider’s Theron Mohamed reported. »