London — Oil prices lost as much as a third of their value on Monday in their biggest daily rout since the 1991 Gulf War as Saudi Arabia and Russia signalled they would hike output in a market already awash with crude after their three-year supply pact collapsed.

Despite sliding demand for crude due to the coronavirus, Riyadh made plans to ramp up output in April after Moscow balked at Opec's proposal last week for a further steep production cut. Saudi Arabia also cut its official crude selling price...

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