Oil prices crashed as much as 30 per cent within seconds of the market opening on Sunday, as it has fallen to $30 per barrel.
This came after Saudi Arabia launched an aggressive price war over the weekend, driving crude to its lowest level in four years.
U.S. West Texas Intermediate crude dropped 33.16% to $27.59 per barrel as of 04:23 GMT Monday. International benchmark Brent crude futures also plummeted 30.33% to $31.54 per barrel.
The sharp drop for oil sent shockwaves through global financial markets.