Oil firms hit hardest on a day of heavy, widespread losses

Oil firms hit hardest on a day of heavy, widespread losses

Saudi Arabia's shock decision to increase crude production from next month after falling out with Russia over how to deal with the impact of coronavirus on demand for oil, prompted the price of oil to crash on world markets on Monday.. Oil companies were among the worst affected as investors digested the prospect of severely curtailed profits while airlines, which have already been hit hard, suffered further falls.. One analyst said oil businesses, whose investors are already under pressure to sell their fossil fuel stocks because of the climate crisis, would struggle for profits. ". Junk bonds, a form of high-risk corporate debt, will be closely watched, particularly because they are so important to US fracking companies that were hit by Monday's oil price slump.. World markets plunge on back of coronavirus-driven recession fears and threat of oil price war. Panic hits global markets amid threat of coronavirus and oil price slump. Stocks fall as coronavirus fears hit global markets.