Oil crashes by most since 1991 as Saudi Arabia launches price war
New York (CNN Business) Oil prices suffered an historic collapse late Sunday after Saudi Arabia shocked the market by launching a price war against onetime ally Russia. US oil prices crashed as much as 27% to a four-year low of $30 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market share. Crude was recently trading down 22% to $32 a barrel. Brent crude, the global benchmark, also plunged 22% to $35 a barrel. Both oil contracts are on track for their worst day since 1991, according to Refinitiv. The turmoil comes after the implosion of the oil alliance between OPEC and Russia on Friday.