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08 Mar 2020 | 22:46

Brent oil futures plummet 25% after Saudi Arabia cuts selling prices

(Sharecast News) - Crude oil futures are hurtling lower following Saudi Arabia's decision to slash its official selling price, marking the start of a price war after the Organisation of Petroleum Exporting Countries's failure to strike an agreement with the Russian Federation during the previous week to curb production.

As of 2240 GMT, front month Brent crude oil futures on ICE were falling 25.33% to $36.12 a barrel, alongside a 24.45% drop in West Texas Intermediate to $33.17 a barrel.

On 6 March, Russia had agreed to extend existng oil production curbs throgh June but balked at plans for a combined reduction alongside OPEC and Kahazkstan of a further 1.5m barrels a day, leading to the oil cartel's decision to remove limits on its own output.

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