New York (CNN Business) The rapidly-spreading coronavirus in China poses the biggest demand threat to the oil market since the 2008 financial crisis. Yet OPEC and Russia can't agree on a rescue plan. But Russia is pushing back -- even though fears about the coronavirus have sent oil prices crashing into yet another bear market. The coronavirus has clobbered oil prices because it is destroying demand in China, the world's largest oil importer and the epicenter of global oil demand growth. The compromise proposal from Saudi Arabia was to cut oil production by 600,000 barrels per day, down from 800,000 to 1 million barrels, a senior OPEC source confirmed to CNN.

Source: CNN February 06, 2020 17:37 UTC