Shafaq News / Oil futures prices fell more than 20 % to their lowest level since 2016 on Sunday after Saudi Arabia lowered the official price for selling crude oil, indicating the start of a price war after OPEC talks with Russia failed to reach an agreement on reducing production.

On Friday, Russia rejected OPEC's proposal to make deep production cuts in order to stabilize prices hit by the economic consequences of Corona virus. OPEC responded by canceling the restrictions imposed on its oil production. The futures prices for Brent benchmark crude fell 9.57 dollars, or 21.1 percent, to 35.70 dollars a barrel by 2216 GMT, while the price of U.S. West Texas Intermediate crude fell $ 8.62, or 20.9 percent, to $ 32.66.