Financial markets were volatile as trading opened in Asia on Monday. Oil prices plunged at the start of trading, falling more than 10 percent at one point, after news that an OPEC + emergency meeting had been postponed. In addition, spot gold fell more than $10 in the short term, briefly falling below the $1,610 / oz mark. In terms of a global epidemic, the total number of confirmed covid-19 cases is close to 1.27 million globally, and the United States has the largest number of confirmed covid-19 cases in the world, with more than 330,000. In a rare speech to the nation early Monday morning, the queen urged the nation to remain united in the fight against the disease, and prime minister Boris Johnson was hospitalized with persistent symptoms of a new coronary.
International oil prices plunged more than 10 percent at one point after an OPEC + emergency meeting was postponed
WTI crude futures opened down 7.5 percent at $25.33 a barrel, according to Reuters. Brent crude futures opened down 8.77 percent at $30.85 a barrel.
Both WTI crude and brent crude futures subsequently extended losses to more than 10 per cent.
Spot gold briefly fell more than $10 and fell below $1,610 an ounce, down 0.52 percent on the day.
Oil prices have continued to sell off furiously since Saudi Arabia launched a crude price war. Last week, however, the price of oil hit back, with brent crude and U.S. WTI crude jumping more than 30 percent, the biggest weekly gains on record, seemingly due to trump and the emergency meeting of OPEC +.
A video conference scheduled for Monday between the organization of petroleum exporting countries and its Allies has been postponed amid growing tensions between Saudi Arabia and Russia, CNBC reported Saturday. The meeting is now “likely” to take place on Thursday, sources said.
On the delay, official sources said the aim was to allow more time for oil producers to negotiate cuts in crude supplies.
Pippa Stevens, a market commentator on CNBC, said Monday’s big drop in crude prices was due to OPEC + ‘s announcement over the weekend that an emergency meeting scheduled for Monday had been postponed until Thursday, adding to concerns that a cut in output could face obstacles.
U.S. President Donald Trump has said he wants Russian President Vladimir Putin and Saudi crown prince bin Salman to reach an agreement to cut output by up to 15 million barrels a day, and he has held talks with both leaders.
Oil prices rose for the second day in a row on Thursday and Friday in anticipation of a deal on Monday. U.S. crude had its best week ever, but now it looks like the market could take another hit early in the week.
Indeed, many in the market were already sceptical about the outlook for oil prices after news that the OPEC + emergency meeting had been postponed.
Ayham Kamel, head of the Middle East and north Africa at Eurasia group, a consultancy, said the delay did not bode well for the discussions.
Mr. Trump met a number of us oil executives at the White House on Friday amid speculation that he would ask them to co-operate in cutting production, but no decision was reached. “These are great companies, this is a free market, and they will solve the problem,” Trump said at a White House briefing after meeting with energy company CEOs.
In comments Friday, Mr. Putin blamed Saudi Arabia for the plunge in oil prices by pulling out of a three-year-old agreement to cut production, while also pushing up production and cutting prices, all of which extended the impact of novel coronavirus on the crude market.
But the saudis have lashed out. Saudi foreign minister Faisal bin Farhan reportedly said directly in a statement on Saturday that putin’s role was “not a fact.” Saudi energy minister prince bin salman also issued a statement on Saturday, calling Russian energy minister novak’s comments “absolutely false and contrary to the facts.”
There is also the question of whether the us shale oil industry should contribute to production cuts in order to stabilise prices.
With a renewed dispute between Saudi Arabia and Russia, and trump not only failing to mention a cut in output, but also showing his hand to impose tariffs, the case for higher crude oil prices appears to have collapsed, analysts say, and a new sell-off may be “just around the corner.”
The British prime minister has been taken to hospital
At 8pm local time on Sunday (3am Beijing time on Monday), the queen delivered a special address to the nation. In a rare speech, the queen thanked all those who had stayed at home following government guidelines, saying they were “working together to help others” and thanked key workers whose “every hour” had taken us “one step closer to normal times”.
The queen said: “although we have faced challenges before, this time is different. This time we join all nations in the global effort to heal with advanced science and our sincere passion. We will succeed, success will belong to each of us. We should take comfort that, though we may have more to suffer, the good times will return: we will be with our friends again; We will be with our families again; We’ll meet again.”
The 93-year-old queen also said that social alienation brings a “painful sense of separation from loved ones”, reminding her of the experience of children being evacuated during the second world war.
“Now, as then, we know deep down that this is the right thing to do.” “Said the queen.
Everyone who follows the guidelines at home is “helping to protect vulnerable people and ease the loss of loved ones for many families,” she said.
She added: “we are dealing with this disease together and I want to assure you that if we remain united and determined, we will overcome this disease.”
The speech was filmed by a photographer in protective gear, with all other technicians in another room, and the video was broadcast on major British television, radio and social media channels.
It was the queen’s fourth special address in her 68-year reign. The first three were during the gulf war in 1991, princess Diana’s funeral in 1997 and the queen mother’s death in 2002.
British prime minister Boris Johnson was hospitalized Sunday night after being quarantined for 10 days with a novel coronavirus.
Mr Johnson was reportedly taken to a London hospital on Sunday evening with “persistent symptoms” including a fever, which was said to have been a “precautionary measure” on the advice of doctors. According to the BBC’s political editor Laura Kuenssberg, Mr Johnson is expected to spend the night in hospital and undergo what is described as a “routine test”.
A downing street spokesman said in a statement: “on the advice of his doctors, the prime minister has been taken to hospital tonight for a check-up. This is a precautionary measure as the prime minister continues to have persistent symptoms of the coronavirus 10 days after he tested positive for the virus.”
Johnson has been working from home since March 27, when he announced he had tested positive for the coronavirus. His most recent public appearance was on Thursday night when he stood outside his downing street residence for a national ovation for NHS staff. He also chaired a coronavirus conference on Friday morning.
In a selfie video posted on Friday, Johnson said: “I still have a fever. Therefore, on the advice of the government, I must continue to isolate myself until the symptoms disappear.” “But we’ve been trying to beat the virus.”
The prime minister will still lead the government, but the foreign secretary is expected to host a coronavirus meeting on Monday morning.
On Saturday, Johnson’s pregnant fiancee Carrie Symonds said she had been quarantined at home for a week with symptoms of the infection, but she had not been tested.