CNN's ChristineRomans has the day's top business headlines before the Opening Bell on Wall Street
Markets are in turmoil after the collapse of an alliance between Saudi Arabia and Russia, two of the world's top oil producers, triggered the worst one-day crash in oil prices in nearly 30 years — fanning new fears about a global economy already reeling from the coronavirus pandemic.What's happening: Saudi Arabia slashed oil prices after Russia refused to go along with OPEC's proposal to impose deeper cuts to production in the face of slumping demand.
Oil crash sends energy stocks plungingThe dramatic crash in oil prices has sent energy stocks nosediving, battering a sector that had already been hit hard by shrinking demand due to the coronavirus outbreak and by cooling investor sentiment because of the climate crisis.Shares of BP are down nearly 18% in early trading in Europe, while Royal Dutch Shell has lost 14%. ExxonMobil's stock is down more than 11% in premarket trading, while Chevron is down nearly 12%.
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