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Dow Futures Crash 1,000 Points as Saudi Arabia Destroys Oil Prices

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Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud attended the 178th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Friday. In an attempt to quell Russian dissent, the Saudis have announced they are slashing oil prices and likely expanding their output. | Image: ALEX HALADA / AFP
Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud attended the 178th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Friday. In an attempt to quell Russian dissent, the Saudis have announced they are slashing oil prices and likely expanding their output. | Image: ALEX HALADA / AFP
  • Stock market futures plummeted on Sunday as the coronavirus paralyzes the Eurozone economy, and continues to spread in the U.S.

  • Further hitting a shaky Dow futures index, Saudi Arabia collapsed the oil price 27% with a stunning decision to slash prices and a likely production increase.

  • The Dow Jones’ most heavily weighted stock Apple (NASDAQ: AAPL) could face a tough week after a Bloomberg report claims it is running out of replacement phones.

Dow futures crashed 1,00 points Sunday afternoon as coronavirus panic sweeps Europe and U.S. confirmed cases rocket above 500. In addition, the Dow Jones is dealing with a price war in oil markets after Saudi Arabia intentionally crushed the value of crude to punish Russia for rejecting OPEC’s supply cut deal.

Dow Futures Plummet As Saudi Arabia Crushes Oil Price

The three major U.S. stock futures indices were under severe pressure at the open of trade on Sunday, as the Nasdaq, Dow Jones and S&P 500 all dove 3.5%.

Dow Jones futures
Dow futures plunged more than 1,000 points as Saudi Arabia destroyed oil prices around the world. | Chart: Yahoo Finance

In the commodity sector the price of oil is collapsing as crude hit $30 a barrel. Safe haven gold rallied 1.2% to $1,694 an ounce.

Read the full story on CCN.com.