Oil plunges 9% as major producers slash prices on demand weakness

Oil plunges 9% as major producers slash prices on demand weakness

Gary Kazanjian/AP

Oil contracts slumped on Tuesday as industry giants cut prices in an effort to support market demand.West Texas Intermediate crude tumbled as much as 9.2%, to $36.13 a barrel. Brent crude sank as much as 6.7%, to $39.79, at intraday lows.The sell-offs began over the holiday weekend after Saudi Aramco cut its price for October crude. The downtrend continued after Abu Dhabi National Oil similarly lowered its prices to combat weak demand.Watch WTI crude trade live here.Watch Brent crude trade live here.

Oil futures tumbled on Tuesday as major producers cut prices to shore up market demand.

West Texas Intermediate crude contracts for October delivery sank as much as 9.2%, to $36.13 a barrel, before stabilizing. Brent crude tanked as much as 6.7%, to $39.79, at intraday lows.

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