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Oil prices fell for the second straight day on Thursday amid a broad decline in global markets after the United States banned travel from Europe following the World Health Organization's decision to declare the coronavirus outbreak a pandemic.

Financial markets reeled on Thursday as stocks dived and oil slumped after U.S. President Donald Trump took the dramatic step of banning travel from Europe to stem the spread of coronavirus, threatening more disruptions to trade and the world economy.

Washington state's House of Representatives passed a measure on Wednesday night that removes a key tax break for Boeing Co and other aerospace firms, in a bid to head off possible European tariffs on U.S. goods and ease a transatlantic trade dispute over aircraft subsidies.

Auto sales in China plunged 79% in February, marking their biggest ever monthly decline, with demand pummeled by the coronavirus outbreak.

The new U.S. ban on foreign citizens entering the country if they have traveled to Europe in recent weeks will heap more pressure on airlines already reeling from the coronavirus pandemic, hitting European carriers the hardest, analysts said.

Bank of Japan Governor Haruhiko Kuroda said the central bank was ready to respond with further steps to support the economy, after a meeting with Prime Minister Shinzo Abe on Thursday.

Financial markets reeled on Thursday as stocks dived and oil slumped after U.S. President Donald Trump took the dramatic step of banning travel from Europe to reduce the impact of the coronavirus, threatening more disruptions to trade and the world economy.

Bank of Japan Governor Haruhiko Kuroda said on Thursday that the central bank was dealing with the coronavirus's impact on the economy and that he was ready to respond with further steps without hesitation.

Oil prices sank again on Thursday along with the broader market after the United States banned travel from Europe following a World Health Organization declaration that the coronavirus outbreak is now a pandemic.

Canada's Bombardier Inc said late Wednesday Chief Executive Officer Alain Bellemare would step down and be replaced by former company executive and Hydro-Quebec CEO Eric Martel.

The United States will give individuals, and small and mid-sized businesses a three-month tax holiday to try to fight the economic impact of the novel coronavirus, President Donald Trump said Wednesday night.

Global shares crumbled on Thursday after U.S. President Donald Trump stunned investors by announcing a temporary travel ban from Europe in an effort to curb the spread of the coronavirus, threatening more disruptions to businesses and the world economy.

Oil prices slumped again on Thursday amid a broader market rout after the United States banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic.

Bombardier Inc said late Wednesday Chief Executive Officer Alain Bellemare would leave the company.

Global shares crumbled on Thursday after U.S. President Donald Trump said the United States will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic that has extracted a heavy human and economic toll worldwide.

Japan's Sharp Corp said on Wednesday it has filed a patent infringement lawsuit against U.S. TV brand Vizio Inc and two others, seeking an injunction to ban one of Vizio's TV products in the United States.

Activist investor Carl Icahn has increased his stake in Occidental Petroleum Corp to almost 10%, scaling up his fight to take control of the oil producer, the Wall Street Journal (WSJ) reported on Wednesday.

Oil prices fell again on Thursday, adding to steep losses in the previous session after the U.S. banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic.

Global shares were set for a rocky ride on Thursday as investors tally the economic damage of coronavirus, a day after the U.S. Dow Jones industrials entered bear market territory and world health officials declared the virus a pandemic.

Wall Street stocks plunged on Wednesday, with the Dow confirming a bear market for the first time since the financial crisis after the World Health Organization called the coronavirus outbreak a pandemic.