Oil crashed the most in 29 years as Saudi Arabia and Russia vowed to pump more in a battle for market share just as the coronavirus spurs the first decline in demand since 2009. This Sparked fears on the Street that an all-out price war is imminent.
Saudi Arabia slashed its official crude pricing and is threatening record output. Russia’s largest producer, meanwhile, said it will ramp up production next month. What’s more, all of the annual growth the International Energy Agency had anticipated last month has been erased, and oil demand is now expected to contract by 90,000 barrels a day this year.
Airline stocks in Europe were down between 2 and 3% performing better than the rest of the overall market however last week they shed over 30% in value.
The outlier of the day was Norwegian airlines whos shares were the worst-performing airline stock down 9.8% to an all-time low.