Oil Market to Be Affected Not By Coronavirus, But COVID 19-Linked Regulating Measures, Analyst Says | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Oil Market to Be Affected Not By Coronavirus, But COVID 19-Linked Regulating Measures, Analyst Says

The oil market collapse has been on everyone’s lips since early this week, as crude prices slumped by over 30 percent on Monday in their biggest fall since the 1991 Gulf War. The crunch is largely being attributed to the failed OPEC summit and Russia’s firm position not to agree to proposed production cuts as well as to the raging coronavirus.

After the sharp decline in oil prices on Monday, 9 March, the oil market set about recovering the losses, with prices going slightly up (1.48 – 6.37 percent) for two consecutive days before another dip occurred on Wednesday.

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