Find out the Oil Prices plunge in Australia in 2020 amid coronavirus outbreak!

April 21, 2020 09:30 PM AEST | By Team Kalkine Media

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Welcome to Kalkine Media’s daily update of the latest events in the AU financial markets, the economy and major corporate moves -

Virgin Australia has entered voluntary administration and frozen its Velocity rewards program but customers have been assured frequent flyer points and customer credit for canceled flights will be protected during the airline's sale process. Virgin Australia is 90 percent foreign-owned, with Singapore Airlines, Etihad Airways, and Chinese firms HNA Group and Hanshan owning 80 percent between them, while Richard Branson's Virgin Group still owns 10 percent.

Sydney Airport has secured an additional $850 million in bank debt facilities and says it will not pay an interim dividend for the half-year that ends in June.

Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.. the market's most dramatic action by far was in oil, where the cost to have a barrel of US crude delivered in May plummeted to negative US$37.63 as factories and automobiles around the world remain idled.

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