Commodities | Europe | FX
The oil market is in free fall. Oil prices suffered some of their biggest falls on record on Monday after Saudi Arabia triggered a price war with Russia by increasing production and selling its crude at a discount. Last week’s OPEC+ meeting in Vienna unexpectedly ended with no agreement on further output cuts due to opposition from Russia. Russia is now battening down the hatches in the price war as the damage to the US shale industry plays out.
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