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Oil Prices Dropped Due to Coronavirus Outbreak

Coronavirus worries and the steepest drop in oil prices since the Gulf War of 1991 sent stocks into a tailspin, wiping hundreds of billions of dollars out of exchanges and leading commentators to call it “Black Monday.”

More than seven per cent of big U.S. indices plummeted— with the Dow Jones ending more than 2,000 points lower in its worst day since 2008— after a 15-minute halt to trade early in the session caused by a dip. Brazil’s exchange in Sao Paulo also briefly stopped trading and plunged over 12 per cent.

After a slowdown in Asia, European stock markets plunged sharply, with indices dropping by seven per cent or more in London, Paris and Frankfurt.

Tanked by global financial markets, Italy on Monday introduced strict quarantine measures across the country as the deadly coronavirus affected economies and communities worldwide.

The death count from the novel coronavirus was close to 4,000, with over 110,000 cases reported in over 100 countries since the outbreak erupted in Wuhan, China in December. It has interrupted global travel and cancelled sporting events and conferences.

Economic Recession With Market Drop

Italy is the hardest-hit country in Europe. Prime Minister Giuseppe Conte took extraordinary nationwide action ordering his citizens to “stay home,” restricting public gatherings and halting all sporting events, including Serie A football matches.

He expanded steps that were already put in place across the world. This is in the northern regions most affected by the epidemic. It imitating a lockout at the epicentre of the disease in China. Tens of millions of people are in isolation. There are concerns that the epidemic will continue to spread and drive many economies into recession.

The number of victims in Europe reached 15,000 on Monday. Germany and Canada confirmed their first deaths from coronavirus. But the vast majority of fatalities were in China, where the epidemic has peaked with symptoms. Ireland likewise announced the popular annual St. Patrick’s Day Parade in Dublin would be cancelled.

France’s Minister of Culture Franck Riester has become the new high profile person to test positive. It also reveals that he exposes to the virus. Two US lawmakers had recently had close contact with President Donald Trump were in self-quarantine.

Republican Representative Doug Collins met Trump on Friday and Matt Gaetz. He flew with Air Force One president on Monday. He said they had come into close contact with an infected individual at a conference 11 days ago. None have mentioned any symptoms, and both wait for the results of studies.

 

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