Oil drops 2.8% on coronavirus fears, dips below $50 per barrel

Oil drops 2.8% on coronavirus fears, dips below $50 per barrel

The price for a barrel of oil dipped below $50 a barrel for the first time since January 2019 on the back of the fear of coronavirus outbreak and its potential impact on demand of the crude oil. The outbreak has affected the jet fuel demand because of the cancellations of more than 3,000 flights a day in and out of China. There are concerns also of the contagion spreading to broader economy.

David
David
RJ of Cthulhu
RJ of Cthulhu 2 months

Good. Lower oil prices means decreased cost of trade and increased travel, which improves the economy.

Max Bants
Max Bants 2 months

And we in the UK won't see a penny of savings

npc8472
npc8472 2 months

Let's just hope we actually see that reflected in the rest of the market.

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