Oil shorts paying off as global prices crash, with recession “almost inevitable”

Oil production

Oil prices plummeted on Monday morning as the impact from the coronavirus outbreak – coupled with a Saudi Arabian price cut – dragged global stock markets lower, with a number of major hedge funds standing to gain from the commodities crash.

Brent crude fell to just over USD36 per barrel, while West Texas Intermediate was roughly USD32 on Monday morning. Saudi Arabia has sparked a price war by slashing costs, souring relations between Opec and Russia, with the subsequent 30 per cent fall the biggest since the 1991 Gulf War.

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