Economic Seesaw: Crude Oil Prices Plummet As Coronavirus Anxiety Rises

Economic Seesaw: Crude Oil Prices Plummet As Coronavirus Anxiety Rises

The sharp fall in oil prices coincided with a plunge in equity markets as investors weighed the economic impact of the coronavirus outbreak.. Oil markets experienced a sharp drop in trading, which has led to an expectation of a prolonged period of an oversupplied market, with demand badly hurt as the virus spreads to large oil-importing economies including Japan, South Korea and Italy.. Crude oil prices recorded their sharpest weekly drop since the 2008 financial crisis amid an increasing focus on the economic impact of the coronavirus..