Turning now to the oil sector where the International Energy Agency said Monday that global oil demand is set to contract in 2020 as a result of the coronavirus outbreak. The energy watchdog expects demand to be 99.9 million barrels per day this year. That's 1 million barrels lower than its previous projection. However, the IEA also says that oil consumption will bounce back by 2.1 million barrels per day in 2021. The downward revision came as crude prices plunged by over 20 percent on Monday following Saudi Arabia's decision to step up production and slash its official selling price. Riyadh's decision was made after a deal between OPEC and its allies, led by Russia, collapsed in Vienna last week.

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