Oil Slumps near 18-Year Low as Saudi Arabia ramps up price war Saket Sundria, Alex Longley and Javier Blas, Bloomberg fight the spread of the coronavirus looked set to trigger the most severe contraction in annual demand in history. Petroleum Product Price Formation prices, with chart data updated monthly, quarterly Sources: U.S. Energy Information Administration, Bloomberg L.P.. and slashed prices for market share after the collapse of the OPEC alliance early this month. Brent crude oil - data, forecasts, historical chart - was last updated