By AFPMore by this AuthorSingaporeOil prices slumped in Asian trade Monday, tracking falls on stock markets after a sharp escalation in the coronavirus crisis over the weekend. The falls came after the death toll from the pandemic surged past 30,000 at the weekend as cases in hard-hit Europe and the United States rocketed. Senior US scientist Anthony Fauci estimated the virus could possibly result in 100,000 to 200,000 deaths in the United States, while President Donald Trump extended "social distancing" guidelines until April 30. Top producers Saudi Arabia and Russia are also locked in a price war, contributing to massive oversupply that is pushing down prices. Along with global stocks, prices had clawed back some ground last week as policy makers worldwide unleashed massive stimulus measures to prop up the virus-hit global economy.

Source: Daily Nation March 30, 2020 02:48 UTC