BREAKING: FTSE plunges by 8% after price war sees price of oil drop 30%
The FTSE 100 leading index of shares has plunged more than 8 per cent as oil prices crash to their lowest since the start of the Gulf War.
Early trading shows how investors have already reacted to the oil price war launched by Saudi Arabia overnight, which saw the price of a barrel of oil drop by 30 per cent. It comes as the Saudi state oil giant, Saudi Aramco, saw its shares drop by 10 per cent as Riyadh’s stock market opened on Monday, causing it to halt trading.
The Tadawul market only allows stocks to fluctuate by 10 per cent a day, meaning trading was stopped as the market opened.The drop came as global oil prices suffered their worst losses since the start of the 1991 Gulf War.Other Middle East markets also fell as the new coronavirus affected global energy prices and Opec failed to make a production cut deal with Russia last week.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTSE 100 plunges 8.5% on fears of global recession triggered by coronavirus – business liveRolling coverage of the latest economic and financial news, as stocks slump across the world amid the deepening coronavirus crisis
Read more »
Coronavirus: Biggest drop in oil price since 1991 in new market panicBrent crude tumbles below $30 a barrel at one stage while investors take a wider flight from risk amid the COVID-19 crisis.
Read more »
Panic hits global markets amid threat of coronavirus and oil price slumpFTSE100 expected to fall 6.3% on opening on Monday after Asian shares are battered by growing fears of a worldwide recession
Read more »
FTSE 100 plunges 8.5% on fears of global recession triggered by coronavirus – business liveRolling coverage of the latest economic and financial news, as stocks slump across the world amid the deepening coronavirus crisis
Read more »