During Monday morning, March 9, Brent oil price crashed 30%.
Oil prices tumbled significantly, as Saudi Arabia started an aggressive price war over the weekend. The country set plans to boost its crude output after the current OPEC agreement to limit production until the end of March. Moreover, Russia refused to cut its output more despite decreased demand from the coronavirus outbreak.
Note that the Brent oil price has not touched the 35.00 mark since the beginning of 2016.