Oil prices down after OPEC deal fails

(CNBC) — Oil prices plunged after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.

U.S. West Texas Intermediate crude and international benchmark Brent crude are tracking for their worst day since 1991.

WTI plunged 22%, or $9.15, to trade at $32.13 per barrel. WTI is on pace for its second worst day on record, and earlier fell to a session low of $30, a level not seen since Feb. 2016.

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