Global stock markets and oil prices plunged Monday after a fight among major crude-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak.
The main stock indexes in London and Frankfurt were down by almost 7 per cent. Tokyo closed down 5.1 per cent while Sydney lost 7.3 per cent and Shanghai was off 3 per cent.
Trading in Wall Street futures was halted after they fell more than the daily limit of 5 per cent. Bond yields hit new lows as investors bought them up as safe havens.
The benchmark U.S. crude price was down over 20 per cent to their lowest levels since 2016. They were down as much as 30 per cent earlier, deepening a rout that began when Saudi Arabia, Russia and other major producers failed to agree on cutting output to prop up prices. A breakdown in their co-operation suggested they will ramp up output just as demand is sliding.