Asia: Markets drop as virus fears deepen, oil prices plunge

Asia: Markets drop as virus fears deepen, oil prices plunge

Southeast Asian stock markets tumbled on Monday as investors panicked over the economic damage from the coronavirus outbreak, and oil prices plunged after Saudi Arabia slashed selling prices and laid out a plan to increase production.

The number of people infected with the coronavirus topped 107,000 across the world as the outbreak reached more countries. Oil prices dropped as much as 31.5% - the most since 1991 - after Saudi Arabia, the world's top oil exporter, started a price war after Russia balked at making further steep output cuts proposed by OPEC.