On the afternoon of March 9, Japan's East Stock Exchange index fell more than 20 per cent from its December high, entering a technical bear market.

Us crude oil is in a bear market, down 38% from its recent high, and analysts expect prices to fall further.

On Monday (March 9), both Meibu and Brent opened about 30% lower, breaking a more than four-year low of $30.00 a barrel, while Brent crude hit as low as $31.02 a barrel, the lowest since mid-February 2016. Some warn that it will have an impact on the overall economy as oil prices appear to continue to plummet.

Adam Crisafulli, founder of Vital Knowledge, said that crude oil has become a bigger problem for the market than public health emergencies.If Brent continues to fall, it is almost impossible for the S & P 500 to continue to rebound.. Oil is vital to the US economy, many people are employed in the industry, and highly leveraged oil and gas companies are key to the fixed-income market.

Bjoernar Tonhaugen representation of Rystad EnergyThis is an unexpected development, much worse than our worst-case scenario, and will lead to one of the worst oil price crises in history..

Oil prices have been curbed since public health emergencies sparked fears of a slowdown in crude oil demand. Us oil prices fell sharply last week, falling nearly 8%. So far this year, US oil is down 32%, and Brent crude is down 31%.

Many analysts had expected Opec to cut production further to boost oil prices, but Russia, an Opec ally, refused to agree to a 1.5 million b / d cut after talks broke down on Friday. There could also be supply problems.

OPEC +, made up of 14 members and their allies, has also failed to reach an agreement to extend the current production cuts, meaning that each country will be virtually free to control its own oil production by the time the current agreement expires on April 1.

On Saturday, Saudi Arabia announced a big discount from its official sales price in April, which could theoretically increase its production capacity by 12.5 million barrels a day.

When Russian Energy Minister Nowak left the Vienna meeting on Friday, he said that this meant that from April 1, member states could produce oil at will.

'We made this decision because there is no consensus on how 24 countries should respond to the current situation at the same time, 'Mr. Novak said. So from 1 April, we will begin to work without taking into account earlier quotas or cuts, but that does not mean that every country will not monitor and analyse market developments.

Oil prices have fallen 38% from their recent highs, and may fall further in the future.

Us crude oil is in a bear market, down 38% from its recent high, and analysts expect prices to fall further.

Morgan Stanley expects the price of Brent crude to fall to $35 a barrel in the second quarter and $30 a barrel for WTI crude. The company had forecast the price of Brent crude at $57.50 a barrel and US crude at $52.50 a barrel.

Some people are even more pessimistic. Goldman Sachs Group cut his forecast for Brent crude prices to $30 a barrel in the second quarter of 2020 and warned that oil prices "could fall" to around $20 a barrel, meaning it would fall more than 50 per cent from its current level of about $45 a barrel.

Ali Khedery, a former senior adviser to Exxon Mobil Corp on the Middle East and now chief executive of US strategy company Dragoman Ventures, wrote on Twitter on Sunday that oil prices will reach $20 in 2020 and the failure of rule by Iraq and Iran could have disastrous consequences, with an impact no less than a public health emergency.

Still, Khedery believes the price war should not be as bleak as it was in 2015, when the price of Brent crude plunged to $28 in January 2016, because this time Saudi Arabia was "not an aggressor" and because the sovereign state "could not stand an oil depression".

He said that the country's balanced oil price is still very high, Saudi Aramco is now a listed company, and MBS's control of power is not absolute. As a result, the government will not push oil prices to $30 (or less) so hastily.