‘Punched in the face’: Oil, stocks, bond yields, and bitcoin plunge after crude producers signal a brutal price war

‘Punched in the face’: Oil, stocks, bond yields, and bitcoin plunge after crude producers signal a brutal price war

Saudi Arabia now plans to ramp up crude output and slash prices next month.. Oil prices plunged by more than 25%, US indexes are set to open 5% lower, the entire US Treasury yield curve fell below 1% for the first time, and bitcoin dropped 8%.. Oil, stocks, bond yields, and cryptocurrencies plunged on Monday after Russia refused to join other oil producers in cutting output in response to coronavirus, sparking a price war.. "The blood really is running in the streets, it's utter carnage out there," Neil Wilson, chief market analyst for Markets.com, said in a morning note.. The benchmark 10-year Treasury yield hit a record low of 0.32%, and the 30-year Treasury yield slid under 1%, taking the entire US yield curve below 1% for the first time in history.. Oil prices tanked with West Texas Intermediate down about 20% at $33.20 a barrel and Brent crude down about 19% at $36.70..