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Know About the Concern Over Fluctuating Oil Prices due to Coronavirus Outbreak

Global Stock Markets Plummet on Oil Price Drop, Coronavirus Fears

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Oil prices
Stock markets plummeted across the world, plunging on dual concerns over oil prices and the economic effects of the coronavirus. Pixabay

By Ken Bredemeier

Stock markets plummeted across the world Monday, plunging on dual concerns over oil prices and the economic effects of the coronavirus that has spread to more than 100 countries. This is a breaking news.

Key exchanges in New York fell more than 7% Monday, following a 5% drop in some Asian markets, while European markets closed down about 8%.

The widely watched Dow Jones Industrial Average of 30 key U.S. stocks closed down more than 2,000 points Monday for a loss of 7.9% while the S&P 500 fell 7.6%.

The steep decline at the New York Stock Exchange triggered an automatic 15-minute halt in trading to temporarily limit losses to 7%, a provision last employed in December 2008 in the depths of the recession.

Investors were spooked by plunging oil prices, with Brent crude, the world benchmark, falling more than 24% to $34.36 a barrel, on top of the coronavirus fears sweeping the globe. U.S. oil prices for West Texas Intermediate, a Texas light sweet crude, dropped nearly 25% to $31.13 a barrel.

The world prices of oil fell on fears that Saudi Arabia, launching a price war with one-time ally Russia, would flood the world market with oil in a bid to regain market share.

The plunge in oil prices was the worst since the Gulf War in 1991. Strategists at Goldman Sachs Group Inc. warned oil prices could fall into the $20s.

Oil prices
U.S. oil prices for West Texas Intermediate, a Texas light sweet crude, dropped nearly 25% to $31.13 a barrel. Pixabay

Volatility has consumed markets around the world amid the coronavirus outbreak that has infected more than 108,000 people and killed more than 3,800 people. At least 10 billion shares have traded on U.S. exchanges each day for two weeks.

U.S. stocks are now down 19% from a peak they reached last month.

U.S. President Donald Trump offered his rosy assessment of the stock market plunge and dropping oil prices, saying on Twitter, “Good for the consumer, gasoline prices coming down!”

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More broadly, he laid the blame for falling stock prices: “Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!” (VOA)

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About 88% Indians Feel That Lockdown Should Be Extended Further: Poll

The poll which included response from 40,000 app users revealed that 92 per cent of the respondents feel private sector should be allowed testing of COVID-19 in order to augment testing facilities for the respiratory disease

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Lockdown
Lockdown is the best way to practice social distancing and curb the spread of the coronavirus. Pixabay

As novel coronavirus (COVID-19) cases continue to increase in the country, at least 88 per cent Indians feel that the 21-day nationwide lockdown, scheduled to end on April 14, should be extended further, a new poll said on Thursday.

The findings showed that 88 per cent of the respondents are refraining to order food online during the lockdown period, according to the survey by news platform Inshorts.

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The poll which included response from 40,000 app users revealed that 92 per cent of the respondents feel private sector should be allowed testing of COVID-19 in order to augment testing facilities for the respiratory disease.

“Lockdown is the best way to practice social distancing and curb the spread of the coronavirus,” said the survey.

Social Distancing, Stay Home, Virus, Lockdown, Covid-19
As novel coronavirus (COVID-19) cases continue to increase in the country, at least 88 per cent Indians feel that the 21-day nationwide lockdown, scheduled to end on April 14, should be extended further, a new poll said on Thursday. Pixabay

The Odisha government on Thursday decided to extend the lockdown period till April 30 to combat the COVID-19 outbreak. It also decided to keep the educational institutions closed till June 17. Odisha is the first state in the country which extended the lockdown period by another 15 days.

The total tally of novel coronavirus cases in India reached up to 5,734 on Thursday. Of these, 5,095 are active cases, 166 are dead, one has migrated, while 472 people have been discharged after recovery.

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Maharashtra is the worst affected state so far with 1,135 active cases, 117 cured and discharged and 72 have died. (IANS)