WTI oil plunges to 20 USD again


The big standout during the European trading was oil, which took another eyewatering 8% tumble on Monday, with some now expecting the price to drop to zero (or negative) as storage facilities fill up. The rout in oil took crude to its lowest since 2002.

Brent was at only 22 USD a barrel, hammering petro currencies such as Russia’s rouble, Mexico’s peso, and the Indonesian rupiah by as much as 2%. 

Brent futures were down 8%, or 2 USD, at 22.50 USD a barrel - their lowest for 18 years. U.S. West Texas Intermediate (WTI) crude futures fell as far as 19.92 USD, near a 2002 low hit this month.

In the FX land, the greenback was bid today and was seen 1% higher against the euro, 0.4% stronger against the pound and flat against the yen. 
US stocks continued their ride higher and indices were 2-3% stronger, despite the coronavirus outbreak getting worse in the EU, but especially in the US now.
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