Big fall: A file picture showing an offshore oil platform in the Guanabara Bay in Niteroi, Brazil. Brent futures are on track for their biggest daily decline since Jan 17,1991. — Bloomberg
HONG KONG: Energy bonds were hard hit in Asian trading on Monday, as global investors speculated the oil price slump could increase the risk of corporate defaults across the sector in 2020.
As Saudi Arabia’s decision to slash its official price reverberated across markets, Brent crude futures were down US$12.33, or 26%, at US$33.96 a barrel, after earlier dropping to US$31.02, their lowest since Feb 12,2016.
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