Oil price war hits global markets hard

Global markets suffered heavy losses as the impact of the coronavirus hit share prices off the back of a crude oil price war.

Investors nervous about the economic impact of the COVID-19 outbreak continued an aggressive sell-off dumping shares as Saudi Arabia escalated an oil-price war with Russia by refusing to scale-back output despite falling demand.

There was a 15-minute trading halt on Wall Street on Monday as the Dow Jones plunged 7 per cent at the opening bell.

In Australia, the ASX is expected to plunge at this morning’s open after Australian shares bled more than $140 billion on Monday.

The benchmark ASX200 closed down more than 7 per cent to a 14-month low.

Prime Minister Scott Morrison will today warn the impact of coronavirus is “potentially greater” than the Global Financial Crisis in his stimulus package speech.

Bell Direct Market Analyst Jessica Amir told Sky News investor confidence wouldn’t be restored until a vaccine hit the market.

Image: AP


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