Oil prices saw a record drop at the open, plunging as much as 30% with Brent crude futures hitting a low of $31.05 and WTI crude futures falling below $30/bbl. This had come amid Saudi Arabia starting an oil price war after slashing their official selling prices (Arab light crude oil cut by $6/bbl) by the most in three decades, which had been in response to OPEC and Non-OPEC failing to reach an agreement to cut oil production further after Russia’s refusal to participate. That said, the move by Saudi Arabia appears similar to that of 2014, where the country is attempting to regain market share from US shale producers.