Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts
Oil prices dropped as much as 30% following the unexpected Saudi decision to cut prices and boost production. The move reflects the uncertainty surrounding the coronavirus and its economic effects.
Updated at 10:52 p.m. ET
Oil prices and stock indexes were in freefall Sunday after Saudi Arabia announced a stunning discount in oil prices — of $6 to $8 per barrel — to its customers in Asia, the United States and Europe.
Benchmark Brent crude oil futures — the steepest drop since the Gulf War in 1991 — in early trading Sunday
