The weekend bloodbath

The market is in full-on panic mode as equities, commodities and digital assets all see a significant drop over the weekend.

Oil prices crashed by as much as 34% to hit a 4-year low, which marks the largest one-day drop since 1991. Prices have since risen slightly but the drop from Friday’s close still surpasses 20%. The sudden plunge was a reaction to OPEC failing to reach a deal and Saudi Arabia essentially declaring a price war by threatening to overflow the market with cheap supply in an already demand-depressed environment.