Crude Oil Price Falls to $56 over Coronavirus

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The widespread of Coronavirus to other countries apart from China has led to fall on oil prices.

As at Monday, crude oil price fell by three percent as Coronavirus affected China’s demand for crude oil as the highest consumer of energy.
Agency reports have it that global benchmark, Brent crude went down by $1.78 to $56.72 a barrel while the United States crude futures fell by $1.53, or 2.9 per cent, to $51.85.
Apart from China, Iran, Italy, South Korea and Japan.
South Korea’s fourth-largest city, Daegu have suffered the virus scare.
Following this, some airlines have suspended their flight to the countries till the second week of March.
Iran for instance confirmed 43 cases and eight deaths in the Shi’ite Muslim holy city of Qom. Already Afghanistan, Iraq, Kuwait, Saudi Arabia and Turkey imposed travel and immigration curbs on the Islamic Republic.

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