The price of Brent crude oil lost 12.7% and fell to $ 29.55 per barrel as of 17:31, according to ICE data. The cost of the May futures contract for WTI crude oil at 17:32 is reduced by 10.75%, to $ 28.32 per barrel, RBC reported.

The fall in oil prices continues due to increased fears of a slowdown in the global economy and falling demand, along with growing raw material production. The Fed and other major central banks failed to stabilize markets.

Investor sentiment was negatively impacted by macroeconomic statistics. Industrial production in China fell sharply amid the spread of coronavirus and shutdown of enterprises due to quarantine. In January-February, industrial production in China fell by 13.5%. The fall was a record over the past 30 years.

A statement by US President Donald Trump to increase oil purchases to the US strategic reserve could not stop the drop in quotations.

The Dow Jones Industrial Average fell 9.71% to 20 935.16 points, as of 17:32, according to trading data.

The S & P500 wide market index fell 8.14% to 2490.47 points, while the NASDAQ Composite technological index fell 6.12% to 7392.73 points.

Some experts argue that the Fed’s actions are justified, but the bad moment was chosen for their announcement - three days before the planned meeting of the Monetary Policy Committee, late Sunday evening and before the opening of Asian markets.

Analysts believe that investors are unlikely to buy anything until the epidemic in the US and Europe goes into decline.