The oil market is heading into a whole different era now that Saudi Arabia and Russia are squaring off in an all-out oil price war following Friday’s failed OPEC+ agreement—and US$20 Brent Crude is now a real possibility , Goldman Sachs said on Monday. Oil prices plunged by 10 percent on Friday after OPEC and its Russia-led non-OPEC allies failed to agree on how to handle the depressed demand amid the coronavirus outbreak. The Saudis and OPEC insisted on a massive 1.5-million-bpd cut through end-2020, but Russia refused to continue ceding more ground and market share to U.S. shale with the OPEC+ production cut deal, which hadn’t materially moved oil prices higher, especially with the slump in demand due to the virus outbreak. On Monday, oil prices collapsed by 30 percent early in the day before recouping some losses to trade 23 percent lower at 8:00 a.m. EDT, after […]