Oil fell nearly 25%, posts biggest 1-day loss since 1991 on fears of global price war

Oil futures plunged to a four-year low Monday, on track for the biggest one-day drop since 1991 as OPEC and Russia appear headed for an all-out price war — shaking a market already reeling from the demand shock created by global spread of COVID-19.
West Texas Intermediate crude for April delivery CL.1, 9.637% on the New York Mercantile Exchange fell $10.15, or 24.6%, to end at $31.13, after briefly trading below $29 in early trade. May Brent crude BRNK20, 10.041%, the global benchmark, dropped $10.91, or 24.1%, to settle at $34.36 a barrel on ICE Europe. The percentage declines for both grades were the largest since January 1991, during the Gulf War.
(Read more: MarketWatch.com – Top Stories)