WTI oil is falling fast on fears of an all-out Saudi-Russia oil price war. Saudi Arabia slashed its export oil prices over the weekend. The Kingdom wants to boost the oil output rather than cut it. West Texas Intermediate (WTI) Oil opened the week on a negative note, falling as low as $30 in early Asia. That level was last seen in August 2016. Oil price war Saudi Arabia stunned the world over the weekend by cutting export prices by $6 to $8 per barrel for its Asian customers. The Kingdom also said it will boost production instead of cutting it to arrest the coronavirus-led slide. The dramatic reversal in Saudi’s policy is widely being referred to as retaliation to Russia’s refusal to join the Organization of the Petroleum Exporting Countries (OPEC) in a large production cut. The OPEC+ (OPEC and its allies) meeting convened last week was expected to conclude on a positive note with members agreeing to deeper cuts of 1.5 million barrels per day to counter the effects of the novel coronavirus. Moscow, however, rejected output cuts, leaving the future of Moscow-Riyadh oil cooperation in doubt, as noted by The Moscow Times. WTI oil is currently trading at $30.58 per barrel, down more than 20 percent on the day and 32 percent on a month-to-date basis. Meanwhile, Brent is trading at $34, also the lowest since February 2016. Oil benchmarks were already on a weak footing – prices fell by over 14% last week on coronavirus fears. WTI technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD surges to 34-month top above 1.3750 as oil plummets to four-year low FX Street 3 years WTI oil is falling fast on fears of an all-out Saudi-Russia oil price war. Saudi Arabia slashed its export oil prices over the weekend. The Kingdom wants to boost the oil output rather than cut it. West Texas Intermediate (WTI) Oil opened the week on a negative note, falling as low as $30 in early Asia. That level was last seen in August 2016. Oil price war Saudi Arabia stunned the world over the weekend by cutting export prices by $6 to $8 per barrel for its Asian customers. The Kingdom also said it will boost production instead of cutting it… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.