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30% dip in crude oil as Saudi slashes prices; biggest drop since 1991

Shortpedia

Content Team

Saudi Arabia slashed the selling prices of crude oil as a result of the price war with Russia. Brent crude futures fell by as much as $14.25, or 31.5%, to $31.02 a barrel. It was the biggest drop in the oil prices since January 17, 1991. U.S. West Texas Intermediate crude fell by as much as $11.28, or 27.4%, to $30 a barrel. OPEC and other producers supported the cuts to stabilize falling prices caused by the economic fallout.