How will the market selloff impact gas, mortgage prices?
FOX Business’ Charlie Gasparino, Connell McShane and Susan Li and Point View Wealth Management Inc. President David Dietz discuss the current state of the economy and what investors can do when the market plummets.
Although the coronavirus outbreaks across the globe have played a role in denting travel and transportation, Saudi Arabia and Russia are major contributors to the nosediving oil price tag, according to a report from the Associated Press.
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By Monday, the price of U.S. crude oil fell as much as $27.34 a barrel, which is the lowest price the energy sector has seen since early 2016. It is also the largest single-day drop since the 1991 Gulf War, according to the AP.
CORONAVIRUS CREATING OIL DEMAND UNCERTAINTY: ENERGY ECONOMIST
The price drops are a swift consequence of Russia’s refusal to cut production under an OPEC proposal, which has led Saudi Arabia — the second-leading oil producer in the world — to cut its prices and ramp up production over the weekend.