Brent crude oil futures tanked as much as 31% to $31 a barrel on Sunday evening as Saudi Arabia ratcheted up pressure on Russia by slashing its list prices by the most in some 20 years. Saudi Arabia’s shock decision as talks on production cuts between OPEC and its allies ended unceremoniously on Friday. @ fracnews.com
The Timing couldn’t come at the worst time for Crude oil, Just as the global economy slows and Crude oil use drops because of the Coronavirus. Some are are speculating bankruptcies & mass layoffs in the-oilfield.