Oil down about 20 per cent after Saudi price cuts

The two main contracts were both down about 20 per cent, with West Texas Intermediate sliding to about USD 32 a barrel and Brent crude to about USD 36 a barrel.

Oil plunged about 20 per cent Monday after Saudi Arabia made deep price cuts following a failure by OPEC and its allies to strike a deal to support energy markets.

Employees are seen next to spheroids under reconstruction at Saudi Aramco oil facility in Abqaiq, Saudi Arabia. (Reuters file photo)

The two main contracts were both down about 20 per cent, with West Texas Intermediate sliding to about USD 32 a barrel and Brent crude to about USD 36 a barrel.