Crude oil prices slips by 30%, biggest drop since 1991

In the global market, the crude oil prices slipped down by 30%. This is the biggest crash since 1991. The price of crude oil plunged down as the Saudi Arabia slashed the price.

Brent crude futures slipped by $14.25, or 31.5%, to $31.02 a barrel. This is the biggest drop since January 17,1991 and the lowest since February 12,2016. Crude oil is trading at $.35.75.

U.S. West Texas Intermediate (WTI) crude fell by as much as $11.28, or 27.4%, to $30 a barrel. This was the biggest drop since January 191 and lowest since February 22,2016. Now the price is at $.32.61.

The price of the crude oil gone down as a price war between Russia and Saudi has ignited. Saudi Arabia is the biggest oil producing country and Russia is the second largest producer.