Oil prices crash on collapse of OPEC+ agreement

Oil prices fell by more than $9/bl on Monday, the largest single day fall since the 1991 Gulf War.

Brent front month futures fell to $36/bl on Monday following failure of the OPEC+ group to agree to a new round of crude oil production cuts on Friday. The absence of a new deal presents the risk of a return to higher supply at a time when demand has been weakened by the impact of the coronavirus.