00:13 GMT12 July 2020
Listen Live
    World
    Get short URL
    Oil Prices Slump, Coronavirus Fears Send Global Economy Into Turmoil (103)
    370
    Subscribe

    US crude prices went into the red for the first time in history on 20 April, closing down at minus $37.63 per barrel, with virtually zero buyers turning up for prompt delivery oil in a market woefully glutted.

    US stocks have opened sharply lower amid the COVID-19 pandemic as the oil market continues to be under pressure and more large companies have removed their earnings forecasts due to the uncertain economic outlook.

    The Dow Jones Industrial Average was down 2.2 percent at 23,129.42 shortly after the opening bell. The broad-based S&P 500 scattered 1.8 percent to 2,773.72, while the tech-rich Nasdaq Composite Index dropped 1.2 percent to 8,457.84.

    In the meantime, the Russian stock market continues to fall amid the collapse in oil prices.

    A security guard wearing a mask as a precaution against the new coronavirus stands at the Bombay Stock Exchange (BSE) building in Mumbai, in Mumbai, India, Monday, March 16, 2020
    © AP Photo / Rafiq Maqbool
    As of 13:20 GMT, the MOEX index was down 3.63 percent at 2,434.29 points, while the dollar-denominated RTS index fell 7.11 percent to 992.38.

    At the same time, Brent oil futures for June delivery were trading down 22.76 percent at $19.75 per barrel, while June futures for WTI crude slumped 30.69 percent to $14.16 per barrel.

    A day earlier, energy stocks fell 3.5 percent, led by losses in oil majors such as Chevron and Exxon Mobil.

    The novel coronavirus (COVID-19) crisis continues to grow as the number of people infected with it increases from day to day. To date, the number of people who have been infected worldwide is almost 2.5 million and more than 171,000 have succumbed to the deadly virus or related health complications, according to the Johns Hopkins University Coronavirus Resource Centre.

    Topic:
    Oil Prices Slump, Coronavirus Fears Send Global Economy Into Turmoil (103)
    Tags:
    coronavirus, COVID-19, oil prices, United States, US Stocks
    Community standardsDiscussion