Market Snapshot: U.S. stock futures fall as crude oil prices plunge 30% on price-war fears

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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