Fall in oil prices mirrored as Asian stocks tumble
Asian stock markets have fallen sharply reflecting a downturn in global oil prices.
There are fears a global economy weakened by the coronavirus outbreak might be awash in too much oil as the price of US crude fell 26%.
On Monday, Tokyo’s benchmark tumbled 6.2%, while Sydney fell 6.1%, Seoul sank 4.4% and Hong Kong lost 3.9%. Shares also sank in Middle East trading on Sunday.
Markets already were troubled by the potential impact of the virus outbreak that began in China and has disrupted travel and trade.
Saudi Arabia, Russia and other oil producers are arguing over how much to cut output to prop up prices.
US crude fell 26% or 10.75 dollars (£8.23) to 30.57 dollars (£23.39) per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, used for international pricing, dropped 25%, or 11.40 dollars (£8.23) to 33.87 dollars (£25.92) per barrel.