Crude oil plunges 30% to $30 a barrel; $20 possible going ahead: Analysts

The failure of the Vienna talks added to increasing investor nervousness over the coronavirus epidemic that has dampened oil demand

Brent crude oil prices hit $31 a barrel, down nearly 30 per cent in trade on Monday and extended their 10 per cent weekend drop as the world’s biggest crude producers failed to agree on production cuts, kicking off a price war and sending oil into freefall. 

Saudi Arabia that slashed prices for April delivery by $4-6 a barrel to Asia and $7 to the United States has far more fire-power than Russia in terms of readily available spare oil production capacity, analysts say, and the action is indeed the start of a price war among all producers, which in