ANKARA

Crude oil prices dived to their lowest level in four years during early trading on Monday as the Organization of Petroleum Exporting Countries (OPEC) and its allies failed to make a deal over production cuts on Friday.

The international benchmark, Brent, plummeted to as low as $31.27 per barrel in early trading on Monday marking a 30.9% loss after it closed Friday at $45.27 a barrel. American benchmark West Texas Intermediate (WTI) fell to as much as $27.34 a barrel for a 33.7% decline after it ended Friday at $41.28 per barrel.

While both benchmarks hit their lowest levels

Read more: Oil prices dive to 4 year-low as OPEC deal fails