The US President Donald Trump has commented on a record decline in oil prices.

“Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!” Trump tweeted. “Good for the consumer, gasoline prices coming down!”

A meeting of OPEC oil ministers and non-OPEC countries, including Russia, Kazakhstan, and Azerbaijan, was held in Vienna on March 6 amid the coronavirus outbreak. However, the participants could not agree on the terms of the deal to reduce oil production. Thus, the agreement will be invalid starting from April 1.

Meanwhile, the war on the oil market negatively affected stock markets: leading Asian stocks fell by 3-5%, European stocks lost 6-10.5%, and US stocks - nearly 7%.