Crude oil down 30% as Saudi, Russia fail to reach deal over supply cuts

On Monday, Saudi Arabia reduced oil prices and offered to increase production, triggering a price war among oil-producing countries

A standoff between Saudi Arabia and Russia over crude oil supply cuts saw international prices record one of their worst single-day dips in about three decades. Though this could help the Indian economy, which is facing a slowdown, to keep the subsidy bill under control, the fall could accentuate global distress.

At one point, Brent crude price was seen at a session low of $31 a barrel, down about 30 per cent, though it recovered later in the day to $35.60 (11:30 pm IST) a barrel. Even the West Texas Intermediate (WTI) price was down 23.18 per cent at $31.71