The OPEC technical meeting disappointed oil traders because OPEC and Russia failed to announce a real number on its expected production cut.
The World Health Organization (WHO) says that there is no pandemic when it comes to the coronavirus. There may be no pandemic in global stock markets as well.
Massive amounts of Chinese stimulus into the system and talk that Saudi Arabia is mulling a temporary one million barrel a day production cut is giving hope to global markets.
Oil did rally from the key support at 5150 but going into the weekend, some traders might fear to be long. After the coronavirus sell-off last Sunday and Monday, traders could get caught if there is a sense that the virus is going to spread.
Alarm bells are going off in global markets after the World Health Organization (WHO) is saying they deeply regret calling the outbreak of the Coronavirus moderate.
Stocks and oil prices have mounted a rebound on hopes that the markets. Oil traders are taking statements out of OPEC to mean that the cartel, along with its co-conspirator Russia, will do what it takes to support prices.
Coronavirus demand destruction barrels are starting to mount as the U.S. Centers for Disease Control and Prevention are dissuading its citizens for no travel to China. Reports now show that the confirmed cases of the virus across the globe stand at 4,295
Big wheels are not turning, leading to more oil demand destruction because of the coronavirus. The negative impact on oil demand with more than 50 million people under quarantine, could have a historical impact on oil demand. The story is overshadowing an attack on the U.S. Embassy in Iraq.
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.