'Punched in the face': Oil, stocks, bond yields, and bitcoin plunge after crude producers signal a brutal price war

AP

• Oil, stocks, bond yields, and cryptocurrencies plunged on Monday.
• The sell-off was sparked by Russia's refusal to follow other oil producers in reducing output.
• Saudi Arabia now plans to ramp up crude output and slash prices next month.
• Oil prices plunged by more than 25%, US indexes are set to open 5% lower, the entire US Treasury yield curve fell below 1% for the first time, and bitcoin dropped 8%.
• Visit Business Insider's homepage for more stories.

Oil, stocks, bond yields, and cryptocurrencies plunged on Monday after Russia refused to join other oil producers in cutting output in response to coronavirus, sparking a price war.

Crude oil futures plummeted by more than 30% at the open — the biggest one-day drop since the 1991 Gulf War — on the prospect of an oil glut and softer global demand.

See the rest of the story at Business Insider

NOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption

See Also:

• The coronavirus outbreak is a make-or-break moment for healthcare companies. UBS shares 2 resilient stocks worth buying — and 7 to avoid at all costs.
• Morgan Stanley details its 4-part buying strategy designed to profit from a stock-market rebound after the recent coronavirus meltdown
• 8 of Wall Street's top minds weigh in on whether the market will recover from coronavirus chaos — or if the global economy will be thrown into recession

from Business Insider https://ift.tt/2TO7KqS