NEW YORK: World oil prices crashed on Monday (Mar 9), fuelling a vicious selloff on stock markets which were already buckling from the spreading coronavirus outbreak. Stocks tanked as the global oil market nosedived 30 per cent at one stage after top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts. Major US indices plunged more than seven per cent – with the Dow finishing more than 2,000 points lower in its worst session since 2008 – following a 15-minute halt to trading early in the session triggered by a seven percent drop. In Paris, the CAC-40 index lost over eight percent, also its worst daily drop since the 2008 financial crisis, while the Dax blue-chip index in Frankfurt saw its sharpest single fall since 2001. Later in Brazil, the Ibovespa index finished down more than 12 per cent. “The markets have passed from panic mode into pure hysteria,” said Ayush Ansal, chief investment officer at trading firm Crimson Black Capital. “Markets were at the breaking point before Saudi Arabia’s decision to launch an oil price war but this latest development has taken them beyond that.” Saudi Arabia opened the spigots on… Read full this story
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