Oil prices plunged on Thursday, after US President Donald Trump announced the US will ban travel from Europe following a declaration from the WHO that the coronavirus outbreak is a global pandemic. Meanwhile, the threat of a flood of supply added market concerns as Saudi Arabia pledged to increase oil output to a record high in a dispute with Russia. At around 03:00 AM GMT, US crude oil tumbled 5.2% to $31.27 a barrel. Brent crude also slumped 5.2% to $33.93 per barrel.