Asian share markets were set to tumble on Wednesday as the floor fell out from under U.S. crude prices, exposing the deep damage the coronavirus pandemic has had on global economic demand.
FILE PHOTO: People are seen on a pedestrian overpass with an electronic board showing the Shanghai and Shenzhen stock indexes, following an outbreak of the novel coronavirus in the country, at Lujiazui financial district in Shanghai, China March 13, 2020. REUTERS/Aly Song
“The negative price for May WTI futures was probably an anomaly, but it also was a symptom of bigger underlying issues that the industry must address,” said Arij van Berkel, who leads the energy research team at Lux Research in Amsterdam. The U.S. dollar rose to a two-week high against a basket of currencies, as investors fled riskier assets for the world’s most liquid currency while putting pressure on oil-linked currencies such as the Norwegian crown and the Canadian dollar.
Both Saudi Arabia and Russia said on Tuesday they were ready to take extra measures to stabilize oil markets along with other producers, but they have not taken action yet.
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