Stock market panic as oil slumps to Gulf War level buy any Covid-19 relief 'may be weeks away'

Billions of euro were wiped from the value of stockmarkets around the world yesterday in the worst selloff since the financial crisis a decade ago. Picture: AP

Panic over fears that the Covid-19 fallout will sink the world economy stripped billions from the value of stockmarkets around the world yesterday in the worst selloff since the financial crisis a decade ago. The latest slump which extended the waves of market selling into the third week was triggered by the remarkable crash in the price of crude oil. Energy markets are flashing red for a potential world recession and stockmarkets are likely to fall even further, experts warned.