Asian shares sank in a sea of red on Monday as panicked investors fled to bonds to hedge the economic shock of the coronavirus, and oil plunged more than 20% after Saudi Arabia slashed its official selling price. The world’s top oil exporter plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that slashed prices by about two thirds. “Today’s price action puts at risk the fiscal health of the vast majority of sovereign producers and budget cuts and increased …read more
Source:: Yahoo Finance
