Shares in China .CSI300 fell 0.7% and South Korean shares .KS11 fell 0.22%. Oil futures slumped after the largest US oil exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses as prices collapse. “We are less optimistic and expect a slower recovery in the world economy,” Commonwealth Bank of Australia said in a research note. US crude CLc1 skidded 14.24% to $10.96 a barrel while Brent crude LCOc1 fell 4.05% to $19.18 per barrel. Shares of United States Oil Fund LP (USO.P), the country’s largest crude ETF, fell more than 16% on Monday, after it said it would sell all of its front-month crude contracts to avoid a repeat of the heavy losses suffered last week.

Source: bd News24 April 28, 2020 02:48 UTC