Oil price collapse wreaks havoc on primary equity markets

Aidan Gregory

March 09, 2020 09:00 am

Saudi_Aramco_PA_3_575_375 — EASTERN PROVINCE, SAUDI ARABIA - OCTOBER 12, 2019: Oil tanks at an oil processing facility of Saudi Aramco, a Saudi Arabian state-owned oil and gas company, at the Abqaiq oil field. On 14 September 2019, two of the major Saudi oil facilities, Abqaiq and Khurais, suffered massive attacks of explosive-laden drones and cruise missiles; the Houthi movement, also known as Ansar Allah, claimed responsibility for the attacks. Stanislav Krasilnikov/TASS | Stanislav Krasilnikov/Tass/PA Images

European equities plunged into bear market territory on Monday morning after the price of oil collapsed by 30% following the decision by Saudi Arabia to launch a price war after OPEC and Russia failed to reach a deal on production cuts at the weekend.

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Aidan Gregory