Earlier on Monday oil futures tanked after the OPEC + talks to agree on a collective production cut failed, effectively abolishing oil output restrictions, followed by Saudi Arabia’s decision to pump more oil.
Global stock markets have been plunging as the opening trading week was overshadowed on Monday by panic selling triggered by fears over the double threat of the coronavirus outbreak and an oil prices slump in the wake of the failure to reach an agreement on crude production cuts under the OPEC+ deal.
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