(Yicai Global) March 9 -- China's stock markets slid further this morning amid the emergence of an international oil price war that has slashed crude rates by more than 30 percent.

The Shanghai Composite Index closed the morning 2.41 percent lower at 2,961.29, while the Shenzhen Component Index fell 2.84 percent to 11,254.01. The ChiNext Price Index, which tracks growth enterprises listed in Shenzhen, ended at 2,131.05, down 2.82 percent.

Saudi Arabia cut its oil prices on March 7 by the most in two decades after the Organization of the Petroleum Exporting Countries and its allied members held a meeting in Vienna on March 6 to discuss production cuts but failed to reach an agreement.

Saudi lowered the prices of crude oil sold in April to Asia by USD4 to USD6, to the United States by USD7, and to Northwest European refiners by USD8. The West Texas Intermediate deliveries for April became 32 percent cheaper this morning, at USD27.90 a barrel, while Brent crude for May fell 30 percent to USD31.02 a barrel.