On Monday, crude oil prices losses continued following Saudi Arabia’s move to slash prices by boosting its production by more than 10 million barrels per day in April. Saudis decision comes after Russia’s refusal to join OPEC’s crude cuts at the members and non-members meeting in Vienna.
At 05:01 am CET, Brent for May delivery sank 29.60% to $32.03 per barrel, while West Texas Intermediate for April dropped 29.99% to $29.48 a barrel at the same time.
Asian Equities recorded losses on Monday the over uncertainty around oil prices as well as COVID19 concerns. Nikkei 225 dropped 4.85% at 2:37 am CET, with the dollar 1.57% down against the yen.
Gold, silver and platinum posted gains early in Monday’s session as Global uncertainties intensify. On the other hand, yields on US treasuries sank to new lows on Monday over fears on spreading of coronavirus with the oil “price war” declared by Saudi Arabia making things worse.
COVID 19
Chinese National Health Commission announced on Sunday that 11 of 14 temporary hospitals in the city of Wuhan have been closed. It added that about 100 patients are being treated in the remaining three hospitals.
China further reported that only 50 new cases have been registered during the previous day with the total number amounting to 80,701. A total of 57,332 people in the country have recovered and the death toll in the country stands at 3,098.
Iran’s flag carrier Iran Air suspended all flights to Europe due to the outbreak.
