Oil price slumps as low as $ 31

Oil price slumps as low as $ 31

The world price of oil has slumped as low as $10 a barrel after Russia impedes further steep output cuts proposed by OPEC to stabilize oil markets.

Oil prices plunged about 25 % after Saudi Arabia slashed prices and set plans for a big increase in crude production, leading to fears of a price war.

International benchmark Brent crude price also plummeted 27.26% to $32.93 per barrel.

It has been the biggest daily decrease since January 17, 1991 when the first Gulf War started.

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