Crude prices extended their losses on Monday following Saudi Arabia’s decision to slash crude prices and boost its production by over 10 million barrels per day in April.
The decision followed a failure to reach a deal with Russia at the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC ministers meeting in Vienna, as the country refused to join OPEC's crude cuts.
Brent for May delivery sank 29.60% to $32.03 per barrel at 05:01 am CET, while West Texas Intermediate for April dropped 29.99% to $29.48 a barrel at the same time.
