Asian shares and U.S. stock futures dipped into the red on Tuesday, erasing earlier gains as a renewed decline in oil prices overshadowed optimism about the easing of coronavirus-related restrictions seen globally.
Oil futures slumped after the largest U.S. oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse.
“The risk of reintroducing restrictions is a risk to market participants’ optimistic outlook for a quick resumption of normal economic activity.” But some analysts believe gains may be limited unless there is progress in finding treatments for the disease. U.S. crude CLc1 skidded 14.24% to $10.96 a barrel while Brent crude LCOc1 fell 4.05% to $19.18 per barrel.
The Fed has already announced a raft of measures to lessen the economic blow from the coronavirus pandemic and is expected to stay on hold this week.
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