Warning: file_exists(): File name is longer than the maximum allowed path length on this platform (260): C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br/wp-content/cache/supercache/www.forexbr.com.br/2020/03/08/market-snapshot-dow-plunges-7-2-and-sp-500s-plunge-triggers-15-minute-halt-as-oil-prices-deliver-a-punishing-blow-to-wall-street/meta-wp-cache-9023d1d0846d8dae117e49564dd9ae33.php in C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br\wp-content\plugins\wp-super-cache\wp-cache-phase2.php on line 71 Market Snapshot: Dow plunges 7.2% and S&P 500’s plunge triggers 15 minute halt as oil prices deliver a punishing blow to Wall Street – Forex Brasil

Market Snapshot: Dow plunges 7.2% and S&P 500’s plunge triggers 15 minute halt as oil prices deliver a punishing blow to Wall Street

West Texas Intermediate crude for April delivery CLJ20, -22.11% plummeted 22% to $32.01 on Sunday, while May Brent crude BRNK20, -22.02% the global crude benchmark, fell 22% to $35.22 a barrel.

Oil futures plunged 10% on Friday after talks between the Organization of the Petroleum Exporting Countries and their allies collapsed, with Russia refusing to agree to a Saudi-led plan for additional crude production cuts.

In response, Saudi Arabia over the weekend slashed crude prices and is preparing to increase production, in a direct attack against Russia’s market share, the Wall Street Journal reported.

Analysts said a price war could push crude prices down to $30 a barrel, especially as the economic slowdown caused by the coronavirus outbreak slows global demand.

Read: OPEC+ oil-deal failure may lead to $30 oil

On Friday, the Dow Jones Industrial Average DJIA, -0.98% settled 256.50 points lower, or 1%, to 25,864.78, while the S&P 500 SPX, -1.70% lost 51.57 points, or 1.7%, to close at 2,972.37. The Nasdaq Composite COMP, -1.86% finished 162.98 points lower, or 1.9%, at 8,575.62.

Mark DeCambre contributed to this report.

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