Stock markets plunge across the world as COVID-19 sparks oil crash

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03:02

Global stock markets plunged on Monday as oil prices nose-dived by more than 30 percent – the biggest daily drop since the Gulf War in 1991 – after Saudi Arabia shocked the world by launching a price war against Russia.

The drop comes as the number of confirmed cases of the COVID-19 coronavirus reached nearly 110,000 worldwide.

Chief market analyst of CMC Markets, Michael Hewson, told CGTN Europe the key question is, how long can Saudi Arabia and Russia sustain these oil prices?

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