Oil
The Dow Jones Industrial Average futures fell more than 900 points, or 5%, to hit their “limit down” level. S&P 500 and Nasdaq 100 futures were also down around 5%. The price of oil fell to a low of $20.84 from $23.40.
Reports of talks between OPEC and the US shale industry did little to ease the selling in the crude oil market last Friday as the market sees little hope of any coordinated approach on supply within OPEC+.
"With nearly 10% of the world’s oil demand coming from the auto sector in the US, the forced lockdown in several US cities could have a significant impact on gasoline consumption. But with the normal circuit breaker of curtailed supply in effective, the downside to prices remains significant," analysts at ANZ Bank explained.