Coronavirus: Is The Worst Still To Come For Oil?
By Jim Hyerczyk – Jan 31, 2020, 1:00 PM CSTJoin Our Community
U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday, however, momentum is clearly to the downside as traders continue to worry about the coronavirus’ impact on global demand. Both futures contracts are in a position to post their fourth consecutive weekly loss.
Early in the session, the markets were boosted by comments from the World Health Organization (WHO) that seemed to calm tensions. On Thursday, the WHO declared the coronavirus a global emergency, but calmed the markets by opposing travel restrictions. It also said Chinese actions so far will “reverse the tide” of the spread and that it declared the emergency to help those countries with weak health systems