Oil drops 2.8% on coronavirus fears, dips below $50 per barrel
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RBC
market."U.S.
CIBC Private Wealth Management
OPEC
Joint Technical Committee
Hassium Asset Management
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Michael Tran
Brent
Rebecca Babin
Helima Croft
Yogi Dewan
prices."Earlier
Babin said.-
Michael Bloom
Dan Murphy
Abigail Ng
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Vienna
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Summary
"Crude will remain very reactionary to any headlines that indicate the virus will have a sustained impact on global demand."China is the world's largest oil importer and the second-largest oil consumer, so a demand slowdown could have a big impact on prices.WTI and Brent are trading in bear-market territory of at least 20% price declines from recent highs and are coming off four straight weeks of losses.RBC's Helima Croft said the market is focusing "on a sum-of-all-fears scenario for demand," and said that "all eyes are now on whether OPEC can alter the sentiment through collective action."The energy alliance's Joint Technical Committee, a nonministerial sub group that reviews the oil market, will reportedly hold meetings Tuesday and Wednesday in Vienna to discuss options to mitigate the impact from the coronavirus outbreak.
As said here by Pippa Stevens