Oil slumps below $30 as coronavirus spreads, OPEC rancor remains elevated

The coming flood of supply from Saudi Arabia and other producers could result in the largest surplus of crude in history, said global information provider IHS Markit

Oil prices fell below $30 a barrel on Monday as the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.

Top global oil producers Saudi Arabia and Russia, having failed to agree on a plan to curb supply as the fall in global economic activity destroys oil demand, and have turned on each other to start a price war.

Saudi Aramco reiterated on Monday its plans to boost output to record levels to take a bigger share of the global market. Brent crude settled down $3.80, or