Oil tumbled at the start of the week, with crude and Brent suffering their worst declines since the Gulf War. The end of the previous week saw OPEC and its allies fail to agree a new production cut. In response, Saudi Arabia slashed its oil prices by 30% and stated it intends to raise its output. Crude oil dropped below $27.50 and Brent crashed through $31.50 on Monday, sending shockwaves through all asset classes. With an oil price war on the cards and turmoil on global markets, this week’s US inventories data will have little impact.
Published by Om Bun
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