Dow futures drop over 1,000 pts as oil plunges 30% | Fox Business

Dow futures drop over 1,000 pts as oil plunges 30% | Fox Business

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Dow futures drop more than 1,000 points as oil plunges 30 percent over coronavirus fears, OPEC dispute
Dow futures fell 1,200 points to start the week, oil plunged 30 percent amid fears following the spread of coronavirus and the quarantine measures that are being taken.

The major futures indexes are indicating a drop of almost 5 percent when trading begins on Wall Street. At one point, the stock fall triggered a halt in trading after a 5 percent drop.

Asian stock markets plunged Monday after global oil prices nosedived on worries a global economy weakened by a virus outbreak might be awash in too much crude. Tokyo's benchmark tumbled 6 percent, while Hong Kong was down at least 3.8 percent. China's Shanghai Composite was off 2.9 percent. Brent crude, the international standard, lost $12.28, or 27 percent, to $33.00 per barrel in electronic trading in London. Benchmark U.S. crude fell $12.10, or 29.3 percent, to $29.15.

The dramatic losses followed a 10.1 percent drop for U.S. oil on Friday, its biggest loss in over five years. Prices are falling as oil-producing countries argue how much to cut production to prop up prices, as The Wall Street Journal reported, specifically pointing to Saudi Arabia, which slashed prices for its benchmark crude after talks with Russia collapsed. Click here for more on our top story.

In other coronavirus developments:
- Doctor who treated first US case of coronavirus says patients with mild symptoms can recover at home
- Ted Cruz among lawmakers staying at home after interactions with coronavirus patient at CPAC
- Coronavirus: Everything you need to know