The losses come amid a historic collapse of the price for US crude benchmark West Texas Intermediate (WTI), with May futures contract prices closing at -$37.63 per barrel in value on Monday. While the price for the contract jumped on Tuesday and briefly traded above zero, it then fell again to -$5 per barrel.
The epic decline in crude prices amid the global coronavirus lockdown also hit stocks in Europe and Asia on Tuesday. Both Japan’s Nikkei and Hong Kong’s Hang Seng dropped around two percent, while the Shanghai Composite in mainland China tumbled nearly one percent. In Europe, the British FTSE sank more than two percent during afternoon trading, while the main indices in Frankfurt and Paris fell by more than three percent.
Source: rt.com
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