- WTI crude futures deepen decline, Brent drops below $25/barrel
- Saudis to keep supply at 12.3 million b/d ‘over coming months’
Oil is ensnared in such a crisis that Wednesday’s 24% plunge in New York wasn’t even its worst day this month.
Futures are now at the lowest level in almost two decades after Saudi Arabia signaled it’s doubling down on a price war with Russia just as demand evaporates. Prices dropped below $25 a barrel for the first time since 2003 in London and tumbled 24% in New York as the kingdom vowed to keep producing at a record high “over the coming months.”