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Oil’s 24% Plunge in a Day Signals No End in Sight for Meltdown

  • WTI crude futures deepen decline, Brent drops below $25/barrel
  • Saudis to keep supply at 12.3 million b/d ‘over coming months’
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WATCH: Oil prices sank below $24 a barrel for the first time in nearly 18 years.Source: Bloomberg
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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.”