VIENNA: Oil plunged about 30 percent in a disordered market opening, with crude benchmarks WTI and Brent both trading below $35 a barrel with fears of a price war after the collapse of an output cut deal between OPEC and Russia.
On Monday, Asian markets opened with a massive gap, with Brent decreasing about 30 percent to $31.38 per barrel within seconds, international media reports have said.
Likewise, WTI dropped below $28 – the lowest since 2016.
OPEC and non-OPEC countries held consultations in Vienna. However, they failed to agree on additional oil cuts notwithstanding concerns over the coronavirus outbreak
(With inputs from Agencies)
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