Tortoise's Rob Thummel in S&P Global

Oil futures: Prices tumble 30% on open following Saudi Aramco OSP cuts

  • ICE front-month Brent fell $14.25 on the open to $31.02/b
  • NYMEX front-month crude futures fell $11.28 to $30/b on the open
  • Russia, Saudi Arabia, not likely to back down soon: Platts Analytics

New York — Crude futures tumbled roughly 30% on the open Sunday evening, following news that Saudi Aramco cut its Official Selling Prices for April delivery.
The decline followed news that Saudi Aramco slashed pricing of its crude exports for April, including the biggest cut ever for Arab Light crude for Asia, after OPEC and key ally Russia failed to agree to a production cut.
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