Oil down 21% – biggest drop in decades follows Saudi price cuts

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So there is a silver lining to every cloud … and with coronavirus it is that oil prices have taken a tumble. The lack of demand has triggered Saudi Arabia and Russia to start a price war – oil prices fell more than 30% this morning, although it has now recovered slightly. The fall is the largest single day decline since the 1991 Gulf War. Analysts say the price could fall to about $20 a barrel. According to Business Insider, Saudi had asked Russia to cut production in order to keep the price high. Russia refused, leading Saudi to cut their own prices.