BEIJING (Pakistan Point News / Sputnik - 09th March, 2020) Hong Kong's main stock market index fell 3.87 percent at the opening trading as oil prices dropped in the wake of OPEC oil producers' failure to agree on deeper production cuts.
As of around 01:30 GMT on Monday the Hang Seng index dropped to 25,134.02 according to stock exchange data.
US West Texas Intermediate (WTI) and international benchmark Brent crude futures fell over 20 percent in Sunday night trading.
The Saudi-led OPEC, or the Organization of the Petroleum Exporting Countries, has had production cutting pacts since 2016 with non-member allies led by Russia. The wider alliance, known as OPEC+, met in Vienna on Friday to discuss production cuts. After the talks, OPEC+ issued a statement saying it would continue consultations to stabilize the oil market, without mentioning any deeper cuts.
