The Ibex falls almost 3% under pressure from Repsol, banks and Telefónica

The Ibex 35 is down 2.88%, to 6,634.90 points, after closing at the lows of the day. The Spanish selective has been pressured by the steel companies, the banks, Repsol, which suffers from the collapse of oil, and Telefónica. West Texas May futures plunged 300% last day and fell into negative territory. Analysts explain that this drop to negative "essentially means that producers would pay to get rid of the crude."