10 Mar COTW: Oil Price War in the Midst of a Demand Shock
- Saudi Arabia announced plans to cut its oil prices over the weekend sending oil futures down 20% to a four-year low. The announcement came after talks between OPEC and Russia failed to come to an agreement on production cuts to support the price of oil as global growth concerns related to the coronavirus weigh on the market.
- The chart below shows the price per barrel of WTI crude oil. Crude oil prices are prone to volatility and react to a variety of geopolitical and economic events. While significant, today’s decline in crude oil prices are not unprecedented.
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