BP, Shell plunge over 14%. FMTNews Oil FTSE
LONDON: London’s FTSE 100 plunged to a three-year low on Monday after oil majors slumped because of a price war between Saudi Arabia and Russia that sent crude crashing about 25%, with investors also alarmed about the economic fallout of the coronavirus outbreak.
The commodity-heavy FTSE 100 gave up 5.8% and was on course for its worst day since the global financial crisis in 2008, while the domestically focussed mid-cap index shed 4.9%. European firms have lost nearly US$3 trillion in value since fears of the economic damage from the epidemic sparked a worldwide sell-off last month, with the equity market now firmly in bear market territory, implying a 20% drop from all-time highs.
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