Global stock, commodity and financial markets were rocked Monday following the surprise weekend news that Saudi Arabia said it would drastically lower its crude oil prices and pump more crude oil following a failed OPEC meeting in which Russia refused to lower its crude production. Nymex crude oil prices fell to a four-year low of $27.34 a barrel. The one-day loss in crude oil prices Monday is the biggest in almost 30 years, dating back to the 1991 first gulf war. The free-falling crude oil market is a very bearish harbinger for most of the rest of the raw commodity sector. More and more, it appears the global economy is spiraling into recession and a bear market in equities.
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