Global Markets: Crude oil futures in freefall

By MarketsFarm

WINNIPEG, March 9 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Crude oil futures plummeted by over 30 per cent at the start of Monday’s trading due to a dissolved agreement between OPEC and Russia. Saudi Arabia will raise production rates and offer steep discounts to new customers, according to the Financial Times. This drop in crude values was the largest dsince the 1991 Gulf War.

– Cases of the COVID-19 coronavirus in Spain nearly doubled overnight, causing the country to consider taking “drastic action” in order to quell the spread. “We want the plan to be efficient and adjusted to the magnitude of the problem,” said Prime Minister Pedro Sanchez said at an event in Madrid. “The existing information suggests that in our country the crisis will have a negative impact, just as it will in the international arena.”

– Stock indices around the world tumbled alongside crude oil futures. The primary indices in London and Frankfurt dropped by more than eight per cent at opening, Tokyo closed down by 5.1 per cent, and Shanghai was down by three per cent. Toronto’s stock exchange opened down by nearly nine per cent.

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