Oil slides after Saudi-Russia delays meeting

Oil prices slid on Monday after talks between Saudi Arabia and Russia were postponed, while stocks rose the spread of the coronavirus began to slow down.

Brent crude saw a 3-dollar drop in early Asian trade after the meeting set to discuss production cut between Saudi Arabia and Russia had been postponed.

US stock futures climbed 1.5% in early Asian trade on Monday after U.S. President Donald Trump expressed hope on seeing lower cases in the U.S. 

Investors turned to European shares after coronavirus patients under intensive care in Italy fell for the second day, showing the possibility that COVID-19 has peaked in Europe and will die down in the coming weeks.

In Asian trade, Australia’s benchmark index gained 0.5%, Japan’s Nikkei rose 0.2%, and South Korea’s KOSPI index hiked 1.4%.

MSCI’s broadest index of Asian shares outside of Japan also gained 0.1%.

National Australia Bank analyst Tapas Strickland stated that markets will now shift their focus from lockdowns to lifted restrictions without risking a second wave of cases.

Restrictions on Wuhan, the epicenter of the outbreak, will be lifted on April 8. Strickland also stated that China will still impose social distancing to avoid a resurgence in infections.

The total coronavirus cases worldwide topped 1 million over the weekend and a death toll of 64,000. The extent of the economic damage of the virus drove investors to government bonds where yields are at their lowest.