LONDON: Oil prices plunged on Monday to an 18-year low as the number of novel coronavirus cases worldwide surged past 700,000, reinforcing worries about the impact of the pandemic on the global economy.
There are warnings that oil could sink even further as storage tanks around the world approach full capacity. The Kremlin said that Russian and US energy officials would hold consultations on the global oil market, but the news failed to lift WTI considerably and Brent fell further.Australia was out on its own - its stock market surging 7.0 per cent as the country's virus infections slowed, while after the close of trade in Sydney, the government unveiled an income-support plan worth US$80 billion.European stocks spent much of the day in the red on indications of the economic cost of the crisis.
US President Donald Trump on Friday signed off Washington's stimulus measures worth more than US$2 trillion. While the extension of the social distancing guidelines means that many non-essential businesses are likely to remain closed longer than previously expected, markets may be welcoming strong government action against the spread of the coronavirus.
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