Saudi-Russia oil fight melts markets, targets US oil patch
A clash of the oil titans - Saudi Arabia and Russia - is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States.
In the short term, oil prices fell by the most in one day since the 1991 Gulf War. The price of U.S. crude fell as much as 34% to $27.34 a barrel, a stunning drop for one day and the lowest price since early 2016. In morning trading in New York, U.S. oil traded down 20% at $33.16 a barrel, causing massive losses for shares in energy companies
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