THE FTSE 100 plunged by 8 per cent this morning after an oil price war launched by Saudi Arabia overnight wiped 30 per cent off the price of a barrel of oil.
It’s now at a three-year low, with investors also alarmed about the economic fallout of the coronavirus outbreak.
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Oil majors BP Plc and Royal Dutch Shell Plc tumbled more than 20 per cent, dragging the wider oil and gas index down 22 per cent.
Last night, Saudi Arabia slashed its selling price following Russia’s refusal to cut oil supply.
The fallout left crude oil prices to take their biggest one-day hit since the 1991 Gulf War.
It comes after the FTSE 100 lost £59billion on Friday, following a 13 per cent drop the week before.
The outbreak of deadly coronavirus has also affected the demand for oil, with Flybe airline even calling in administrators as passengers ditch flying in favour of staying at home.
More to follow…
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