Oil Prices Continue Fall as Fears of Coronavirus Increase
NYMEX:CL1 Crude Oil – Weekly Report
Crude has continued its fall at the end of last week seeing prices down just over -4.5% for the week. Much of the selling and fear within the market last week did come from growing fears of the Coronavirus within the China region. Although there has been no direct affect to oil production by the Coronavirus, there has been a rollover affect seen by investors as many investors seek risk-off which has also been seen in global equity markets. Yesterday’s sessions saw this with the S&P500 down -1.77% at the end of the session.
Crude Inventories released by EIA show a slight build up 3.5 million barrels. This is the first build in more than 3 weeks.
Crude has continued its fall at the end of last week seeing prices down just over -4.5% for the week. Much of the selling and fear within the market last week did come from growing fears of the Coronavirus within the China region. Although there has been no direct affect to oil production by the Coronavirus, there has been a rollover affect seen by investors as many investors seek risk-off which has also been seen in global equity markets. Yesterday’s sessions saw this with the S&P500 down -1.77% at the end of the session.
Crude Inventories released by EIA show a slight build up 3.5 million barrels. This is the first build in more than 3 weeks.