Oil price crash knocks FTSE 100 to three-year low

London's FTSE 100 plunged to a three-year low on Monday after a sharp drop in oil stocks, as a move by Saudi Arabia to raise crude output sent prices of the commodity crashing, with investors also alarmed about the economic fallout of the coronavirus outbreak. Oil majors BP Plc and Royal Dutch Shell Plc tumbled more than 20%, dragging the wider oil and gas index down 22%, after Saudi Arabia slashed its selling price following Russia's refusal to cut oil supply.

The commodity-heavy FTSE 100 gave up 8.5%, while the domestically focussed mid-cap index shed 6.1%.