OPEC Deal Collapse Price War, Coronavirus unleash devastation on oil prices.
Amid the virulent Coronavirus spreading and an oil price war caused by the collapse of an OPEC deal, oil prices have crashed.
West Texas Intermediate fell 23.8% to $31.46 a barrel.
Brent Crude fell 23% to $34.88.
The Canadian Crude Index fell 27% to $20.32.
If this drop is sustained, it will cause severe damage to provincial and national budgets, which – combined with the Coronavirus – will raise the possibility of a recession.