LONDON (Reuters) – International stocks fell on Tuesday, a day after U.S. petroleum prices turned unfavorable for the very first time ever, as dismal business earnings highlighted fret about financial damage from the coronavirus pandemic.
The dollar rose versus a basket of other currencies as financiers shunned riskier assets.
MSCI’s All Nation World Index, which tracks stocks across 49 countries, was down 0.9%. European stock markets followed their Asian counterparts lower, with the pan-European STOXX 600 index down over 2%by midday in London.
Monday’s plunge in oil, which saw some costs reach minus $40 a barrel, arised from growing crude stockpiles and dwindling storage space as lockdowns to consist of the spread of the novel coronavirus slashed global fuel usage. First-month West Texas Intermediate continued to sell negative territory on Tuesday, at -$ 7.13 a barrel.
Graphic – Crude oil’s historic crash below zero: here
” I have actually constantly thought about oil a little bit like a currency; it stores value, is con