Oil
Oil prices plummeted over 30% on Monday, as Saudi Arabia and Russia got into an "Oil War". After Russia refused to sign an agreement with OPEC (group of countries which monopolize oil costs) to cut oil production in an effort to stabilize prices, Saudi Arabia retaliated by stating they would increase their own oil production by as much as 25%. It is still unclear if this conflict will dwindle in the coming weeks, or if oil prices will continue to drop.
What Happened?
Russia
Russian parliament passed a resolution that would allow Putin to continue his role as President until 2036. It is now up to the Constitutional court to approve the resolution, and then there will be a national referendum where Russia's citizens will vote for the measure. This comes as his government had been passing reforms that would weaken the future President and increase the power of the PM (which was speculated to become Putin's new position).
More Info
Global
The virus was classified a pandemic as cases outside of China explode. There are now over 125,000 infected and almost 5,000 dead worldwide. Italy is on total lockdown, Israel will place anyone entering the country on a 14-day quarantine, and the US has suspended all travel to Europe. Many fear that this will get much worse before it gets any better, Germany's Chancellor reiterated that health experts believe "about 70% of the population" will have CoVid-19. On Wednesday evening the US market fell into a bear market (indicating a 20% decline) for the first time in 11 years.
See a Map Here
