Oil prices were plunging by nearly 25 percent late Sunday, triggering broader global market losses, as a dispute among producers could lead an economy already weakened by coronavirus facing a major oversupply of crude.
Dow Jones, S&P 500 and Nasdaq futures were firmly in correction territory, down over 12 percent from their recent all-time highs.
Brent crude, the international standard, lost $11.17, or 24.7 percent, to $34.10 per barrel, as of 10:15 p.m. Eastern time Sunday after earlier touching its lowest price since 2016.
The dramatic losses followed a 10.1 percent drop for U.S. oil on Friday, its biggest loss in over five years. Prices are falling as oil-producing countries argue how much to cut production to prop up prices, as The Wall Street Journal reported, specifically pointing to Saudi Arabia, which slashed prices for its benchmark crude after talks with Russia collapsed.
Stock index futures opened sharply lower on a plunge in oil prices and rising coronavirus worries after Italy ordered a lockdown across most of its north, including financial capital Milan, in a bid to halt its spread.