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Crude Crashes As Asia Trading Opens; Stocks Slump, Gold Jumps, Yuan Dumps

Crude Crashes As Asia Trading Opens; Stocks Slump, Gold Jumps, Yuan Dumps

While gold is spiking higher and stocks are getting hammered lower after a weekend of ugly headlines surrounding the lethality and spread of the novel coronovirus, the Saudis are desperately talking down the crash in crude oil prices

Brent is back below $60 and WTI has crashed to almost a $51 handle…

Saudi Arabia is “closely monitoring” the impact of the coronavirus outbreak on oil markets, but so far sees the crisis having a “very limited impact” on global demand, Energy Minister Prince Abdulaziz bin Salman says in a statement.

Current market impact on oil, “primarily driven by psychological factors and extremely negative expectations adopted by some market participants, despite its very limited impact on global oil demand.”

It seems that “psychological” impact is sending gold higher…

And stocks lower… Dow futures down over 300 points, back below 29,000…

And S&P futures back below the key 3,300 level…

…click on the above link to read the rest of the article…

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