Asian Markets Fall after the U.S. Crude Plummets to Trade in Negative Territory

Stocks in Asia were declined in the morning session on Tuesday, April 21, 2020, after U.S. crude futures sank by 300% for the first time in history.

As of 10:25 local time in Thailand (GMT+7), Nikkei fell 1.58%, SSEC dropped 1.08%, ASX 200 dipped 1.74%, HSI plunged 2.12% and Kospi decreased 1.73%.

Meanwhile, Dow Jones Futures also pointed to lose than 592 points or 2.44% to 23,650.00 points. S&P 500 Futures fell 1.79% and Nasdaq Futures dropped 1.03%.

The markets fall came after the May contract for West Texas Intermediate, which expires Tuesday, dropped more than 100% overnight to settle at -$37.63/bbl after reaching an all-time low at -$40.32/bbl, while, Brent dropped $2.51/bbl or 9% to settle at $25.57/bbl. However, the May WTI contract in the early morning rebounded to positive territory.