Oil prices are at ground zero for the market-related fallout from the SARS-like coronavirus, a virus called 2019-nCoV. While the stock market is already looking past the disease after the World Health Organization (WHO) said it was too early to declare an international emergency,
The news of the spread of coronavirus outside the Chinese city of Wuhan and the first confirmed case in the United States have pressured crude oil prices. The concern is that the Chinese economy will be harmed and reduce global demand for crude oil.
The crude oil market got hit with a bad case of coronavirus fear that has killed 17 people and has infected at least 500 others. It also infected the market, and oil prices plummeted after reports came out that China quarantine two major cities.
Oil prices got hit with a  case of the coronavirus blues but may get a boost from the promise made to Maria Bartiromo of a middle-class tax cut.
Oil prices are giving back their MLK Day gains because of the disruptions that caused the spike. The impact on oil supply is believed to be transient. A politically motivated shutdown in Libya and a strike by security guards in Iraq could be solved very quickly.
Oil prices are trying to overcome major historic product build based on optimism that the U.S.-China Trade Phase One deal will be another key turning point in the U.S. energy export revolution.
There was only a muted price response to the crude oil stocks draw and prices traded in a relatively narrow range for the day.
The oil market is trying to find support along with the lower Bollinger bands and is not getting help from supply data from the American Petroleum Institute(API).
Oil prices are declaring, "no risk to supply" after President Trump's actions against Iran caused them to stand down in their quest to attack oil supplies. Already we see risk premium fall and tanker rates start to drop.
Still, oil seems to be holding key support. U.S.-China trade progress, as well as ongoing OPEC plus cuts, should keep oil in an upward trend.