Financial markets: falling oil prices

European markets started a new week of trading with a decline.

On Monday, investors in global markets are showing a cautious approach amid the fall in the price of US WTI oil and ahead of the publication of new data on the economy, which will demonstrate the scale of damage caused by the coronavirus pandemic.

European markets started the new week on a pessimistic note: the EUROSTOXX 600 regional index returned to the red zone, while the London, Frankfurt, Paris, Milan, and Madrid indexes lost more than 1 percent.

E-Mini S&P 500 futures were down almost 2 percent.

While oil storage facilities are nearing full capacity, May contracts for US crude oil fell $ 5.40, or 29.5 percent, to $ 13 a barrel – the lowest price since March 1999.

European Brent crude lost 5 percent to $ 26.60 a barrel, which also indicates an oversupply amid a sharp drop in demand.

Japan’s Nikkei index fell 1.15 percent, while Chinese shares rose 0.4 percent on the back of a key interest rate cut in a bid to support the coronavirus-stricken economy.

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