Risk if being sold in Asia on oil price crash and virus fears. Fears of Saudi-Russia oil price war have accentuated risk-off sentiment. Risk-off is in full swing in Asia with Asian markets looking like a sea of red and the S&P 500 futures reporting sharp losses amid a crash in oil prices. Scorecard At press time, the futures on the S&P 500 are down nearly 5 percent and are trading at the lowest level August 2019. The US 10-year yield is trading at record lows below 0.5%, representing a 23 basis point drop on the day. Meanwhile, Japan’s benchmark index Nikkei is down nearly 6 percent. Other major Asian indices like Hong Kong’s Hang Seng, South Korea’s Kospi and the Shanghai Composite index are also reporting 2% to 3.5% losses. Oil price crash Oil benchmarks – WTI and Brent – have slipped to four-year lows as Saudi Arabia launched a price war with Russia over the weekend. On Saturday, the Kingdom said it will boost production instead of cutting it to arrest the coronavirus-led slide in the equity markets. Saudi Arabia also cut the export price for Asian customers by $6 to $8. Saudi’s dramatic reversal seems like a retaliation aimed at Russia, which refused to join the Organization of the Petroleum Exporting Countries (OPEC) in a large production cut. The OPEC+ (OPEC and its allies) meeting was held on Friday, where major producers were expected to agree to deeper cuts of 1.5 million barrels per day to counter the effects of the novel coronavirus. The sell-off oil price sell-off has bolstered the risk-off tone already prevalent in markets due to the outbreak of coronavirus outside China. The virus continues to spread in countries like Italy and South Korea. As per Washington Post, some US officials are worried that the number of confirmed cases will double in the next 48 hours. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/JPY Price Analysis: Drops to fresh 11-year low under 65.00 FX Street 3 years Risk if being sold in Asia on oil price crash and virus fears. Fears of Saudi-Russia oil price war have accentuated risk-off sentiment. Risk-off is in full swing in Asia with Asian markets looking like a sea of red and the S&P 500 futures reporting sharp losses amid a crash in oil prices. Scorecard At press time, the futures on the S&P 500 are down nearly 5 percent and are trading at the lowest level August 2019. The US 10-year yield is trading at record lows below 0.5%, representing a 23 basis point drop on the day. Meanwhile, Japan's benchmark… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.