Stocks plunge, crude prices dive as oil war, virus fears spread chaos through markets
Oil futures sunk by 31% in a matter of seconds after the open of trading Monday in Asia, the worst decline since the Gulf War in 1991.
Although cheaper oil will translate into more affordable energy for consumers and businesses, it hurts oil-producing countries and companies. Thousands of workers have already been laid off in the U.S. oil patch. The 14 OPEC countries had wanted to cut output by 1.5 million barrels a day, or about 1.5% of world production. OPEC countries such as Saudi Arabia and Iran say they need nonmember allies such as Russia to take 500,000 barrels of that cut on themselves.
“With the combination of the implications of the oil stand-off and the outbreak, I now believe that it’s almost inevitable that there will be a global recession this year,” said Nigel Green, chief executive of DeVere Group, an independent financial advisory group.The Cboe Volatility Index surged to its highest level since 2008 on Monday as a plunge in oil prices frazzled traders already on edge over the coronavirus.
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