Saudi Arabia slashed its crude price and possibly launched a price war with Russia after OPEC+ talks broke down on Friday. WTI is trading nearly 30% lower against Friday’s close! Collapse in the oil market was a catalyst for big moves on stock exchanges with S&P 500 futures trading nearly 5% lower and DAX futures sinking 5.5%! Are markets set to repeat a historic Black Monday?
Oil price collapse triggered big moves on stock markets. US500 drops almost 5% today and is approaching the key price zone ranging between 2800 and 2815 pts. Source: xStation5
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