Oil prices are down nearly 50% for the year after OPEC+ talks collapsed and Saudi Arabia announced slashed prices in an apparent price war with Russia.

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

Oil Nose-Dives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>

The International Energy Agency plans to revise down its oil-demand forecasts next week because of the spreading coronavirus. “I am going to announce it Monday morning in Paris,” IEA chief Fatih Birol told a Congressional hearing in Washington on Thursday. “The impacts are already severe mainly because the transport sector is heavily affected.”

Last month, the Paris-based adviser to industrialized nations warned that the virus could curb annual growth in oil consumption to the lowest since 2011, but still called for 800,000 barrels a day of growth.

IEA Plans to Revise Down Oil Demand Forecasts Due to Virus | Devamı>>>

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

“This has turned into a scorched Earth approach by Saudi Arabia, in particular, to deal with the problem of chronic overproduction,” John Kilduff, founding partner of Again Capital, told CNBC.

Oil Nosedives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>

Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.

The coronavirus spread further, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization (WHO) to raise its impact risk alert to “very high.”

The most active Brent future for May LCOc2 delivery fell $2.06, or 4.0%, to settle at $49.67 a barrel, its lowest since July 2017.

Oil Prices Sink to Lowest in Over a Year Biggest Weekly Drop Since 2016 | Devamı>>>