to $32.05 per barrel. U.S. West Texas Intermediate crude dropped 27% to $30.00 per barrel.
Investors have already been on edge about the coronavirus outbreak that caused major stock averages to tumble into correction territory. As of Sunday, global cases of the infectionswith at least 3,801 deaths around the world. The situation is also worsening in the U.S. with New York, California and Oregon all declaring a state of emergency.
Investors continued to seek safer assets amid fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. The benchmarkyield tumbled below 0.7 percent for the first time ever on Friday. Bond prices move inversely with yields. “The idea that lower gasoline prices is going to put more cash in workers’ pockets and give consumer spending and the economy a boost doesn’t seem to cushion the blow for stock market investors,” Chris Rupkey, MUFG Union Bank’s chief financial economist, said in a note Sunday. “They want out. Big time. The sky is falling. Get out, get out while you can. Wall Street’s woes have to eventually hit Main Street’s economy hard.
Gold, another safe-haven asset, crossed $1,700 an ounce, hitting its highest level since Dec. 2012. Meanwhile, copper prices hit a more than three-year low of $2.46. Copper is seen as a barometer of broad economic demand given its applications in electrical equipment and manufacturing.
evanasmith Conoravirus resendly addressed by Trump,hopefully soon everything will put to place no panicking.
Coronavirus: South Korea church leader apologises for virus spread
They are calling a bloodbath in Asian stocks, prediction on US stocks tomorrow, record drop.
realDonaldTrump FYI
MSNBC Yes exactly.
NBCPolitics YOUR FEAR MONGERING WONT WORK FAKE NEWS
Recession is coming.....
Watching the Petro States is going to be interesting, as if Venezuela, Iran, Nigeria and Russia didn't already have enough problems.
This didn't have to happen
MSNBC Big biz is freaking out. It’s been 3 years of stock buybacks in a system rigged for them. Now we have a dramatic, sudden shift in the status quo that leaves them w/ a double loss of market value and revenue. Give it 6 months. Republicans will be pleading for corporate socialism.
MSNBC Great shot. Whoever took this picture deserves a raise.
CarrieSweet2017 Whose side is Saudi Arabia on?
👀😮👀👀😮
The Dow drops and the COVID-19 numbers and deaths go up in the USA!
How’s Trump going to blame this one on his predecessors?
MzDivah67 How long before President Obama gets this blame, also?
That Saudi prince and russia just fucked the trump family and cult big time it looks like .
MSNBC NBC news leaders high fiving themselves.
OPEC is not gonna be happy. Hmmm
Prepare for a wild week.
Looks like we're all going to hell in a handbasket.
A cut in traveling is a bummer for oil prices. and the world economies .
It's all Obama's fault!
MSNBC realdonaldtrump will just lie and say it didn't happen.
Why doesn’t everything shut down for the flu? Death rate is higher w/the flu. Coronavirus is a high risk to seniors w/a compromised immune system...like the flu. Stop freaking out & stop hoarding all the toilet paper in every store across the country. Freaks.
Correction? It’s destruction
Damn it
Trump on COVID19 Called it a hoax Blamed Obama Muzzled the experts Announced it 'contained' Told the sick to go to work Released 2500 coronavirus kits Had a hunch that it wasn't that serious It's not Covid19 that's the problem, it's this guy. TrumpVirus
Just freaking great!
Hmmmm, ThanksTrump. 🙄
buy bitcoin
Tomorrow could be brutal 😱
Well trump wont be happy
evanasmith The sky is falling in.
evanasmith Geez!
TrumpSlump
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