WTI Crude Oil Weakens as Coronavirus Cases Rise in China, South Korea

Early on Friday, WTI crude oil prices have edged lower over mounting concerns that the coronavirus outbreak could dent the demand for oil as the number of infected cases rose higher outside China. At the time of writing, WTI crude oil is trading around $53.59 per barrel.

The market sentiment was impacted after South Korea confirmed that there were over 150 cases of patients infected with the virus. Meanwhile, the number of cases in China also continue to grow as per recent reports after having slow down over the past few days adding to worries about lower demand for oil as a result.

Crude oil prices have been under pressure in the wake of falling demand even as markets wait for confirmation from OPEC and its allies on deeper supply cuts. Additional weakness in oil prices was driven by gains in the US dollar which makes it hard for holders of other currencies to purchase WTI crude oil.

Crude oil received some support over geopolitical tensions in the Middle East after Saudi Arabia confirmed that it had intercepted and destroyed multiple ballistic missiles which were targeting its cities and had been launched by Houthi rebels.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers