( graphic : tmsnrt.rs / 2WG0dO7 ) The collapse Movement.down.loss in energy prices also comes amid escalating global price war trade.financial.tension , especially between the United States and China .

It 's the latest maneuver in what 's set to be a long and bitter price war trade.financial.tension between Russia and Saudi Arabia .

`` The continued escalation in price war trade.financial.tension and broad-based slump Movement.down.loss in manufacturing ... suggest that the downside risks to growth are becoming more prominent , '' Morgan Stanley said .

-LRB- Reuters -RRB- - Goldman Sachs -LRB- NYSE : GS -RRB- cut Cause.movement.down.loss its second - and third-quarter Brent price forecasts to $ 30 per barrel , citing the oil price war trade.financial.tension between Russia and Saudi Arabia and a significant collapse Movement.down.loss in oil demand due to the coronavirus that has killed more than 3,500 globally .

`` It 's been weighing on the market , showing that OPEC is not ready to end its price war trade.financial.tension , '' said Commerzbank analyst Eugen Weinberg .

( graphic : tmsnrt.rs / 2WG0dO7 ) The collapse Movement.down.loss in energy futures also comes amid escalating global price war trade.financial.tension , especially between the US and China .

Oil fell Movement.down.loss by the most since 1991 on Monday after Saudi Arabia started a price war trade.financial.tension with Russia by slashing Cause.movement.down.loss its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling Movement.down.loss demand because of the virus outbreak .

The emerging price war trade.financial.tension is `` a war of necessity . ''

The economic slowdown Slow.weak and threat of price war trade.financial.tension has not just scared off financial traders , it is also starting to impact physical energy prices as consumers hold back on new orders in a sign of a real slowdown Slow.weak on the ground .

Oil prices plunged Movement.down.loss to multi-year lows Position.low on Monday as tensions Geopolitical.tension between Russia and Saudi Arabia escalate , sparking fears on the Street that an all-out price war trade.financial.tension is imminent .

( graphic : tmsnrt.rs / 2WG0dO7 ) The drop Movement.down.loss in energy futures also comes amid escalating global price war trade.financial.tension , especially between the United States and China .

The U.S. and other Western countries are starting to worry Negative_sentiment about the oil price war trade.financial.tension between two of the world 's most powerful petroleum nations .

-LRB- Bloomberg -RRB- -- Saudi Arabia escalated its oil price war trade.financial.tension with Russia on Tuesday , with its state-owned company pledging to supply a record 12.3 million barrels a day next month , a massive production hike Movement.up.gain to flood the market .