Saudi Arabia has gotten into a pissing match with Russia who refused to cut back on production. So SA has dropped the price of oil in an effort to gain back market share.
Saudis Instigate Oil-Price Clash With Russia
https://www.msn.com/en-us/news/world...cid=spartandhp
The Dow opened almost 1900 points down. This reflects the above and Italy putting tens of millions of people under lockdown in an effort to contain the virus