Coronavirus: Oil prices crash over 30%, fall below $30 a barrel

Coronavirus: Oil prices crash over 30%, fall below $30 a barrel

Oil prices crash over 30%, fall below $30 a barrel. Filed on March 9, 2020 | Last updated on March 9, 2020 at 10.54 am. Oil prices crashed over 30 per cent on Monday, March 9, as investors fear oil war between Opec and Russia following the collapse of talks on production cuts on Friday.. WTI crude plummeted 31.5 per cent or $13 a barrel to $28.27 while Brent fell 28.5 per cent or $12.9 per barrel to $32.36 on Monday morning.. Analysts believe that further downward pressure on oil prices will stay crude could test new lows again during the course of this week.. "A retest of 2016 lows ($27.88/b in Brent) would seem highly likely given the start of a new price war between Russia and Saudi Arabia.. Forward curves have collapsed while downside risk premiums have jumped," said Timothy Fox, head of research and chief economist at Emirates NBD Researech.. As reported by Khaleej Times earlier, analysts had said that oil potentially $30 a barrel became realistic after the statements issued by the Opec members for increasing the supply.. "An inventory blow-out in Q2 could lead to prices declining by more than 50 per cent year-on-year for