Oil prices plummeted by around 10 per cent on Friday as a proposal to reduce output by major producers collapsed.
With global demand slowing due to the coronavirus’s impact on travel, manufacturing and supply chains, the plan had intended to keep prices steady.
But Russia decline to participate and talks ended with there being no deal to restrain production.
The fallout saw some of the biggest one-day falls in more than five years, with Brent Crude suffering its biggest loss in a single day since 2008.
Brent fell by more than nine per cent to settle at $45.27 a barrel.
Meanwhile, WTI crude tumbled 10.1 per cent to $41.28, which was its lowest level since 2016.
The international oil exporters group, Opec, had been pushing for 1.5m barrels per day to be cut, reducing the world’s total production by around 3.6 per cent.
Read more: Coronavirus crisis wipes £59bn off FTSE 100
Opec ministers said states such as Russia had been expected to cut 500,000 bpd.
Oil prices have already tumbled about 30 per cent since the start of the year.