The global stock markets have seen a bullish trend on Monday, following a sharp fall in oil prices in Asia and weak economic trends. Oil prices nosedived on worries a global economy weakened by a virus outbreak might be awash in too much crude. Saudi Revolt: Oil prices crash amid clashes in the Royal family Tokyo’s benchmark Nikkei 225 tumbled 6.2%, while Sydney’s S&P/ASX 200 witnessed a decline of about six percent. Seoul’s KRX sank 4.4% while The Stock Exchange of Hong Kong Limited (HKEX) lost 3.9%. Shares also sank in Middle East trading on Sunday. The decline is being viewed by fears of a war on oil prices between Organization of the Petroleum Exporting Countries (OPEC) and its biggest ally, Russia. Saudi Arabia, Russia and other oil producers are arguing over how much to cut output to prop up prices. On Monday, the Asian market saw a drop of more than 20%, which analysts call a global price war. Saudi Arabia, the world’s largest oil exporter, announced a drop in its oil prices at the end of the week when it failed to convince Russia, on Friday, to decrease the speed of its oil production. KSE-100: Single largest slump … Continue reading Global markets in turmoil after oil prices crash