BloombergCrude oil prices posted the worst weekly decline in more than a year on concern that the spread of China’s coronavirus will cripple fuel demand. The Asian virus has spooked traders even as the WHO stopped short of declaring a global health emergency. While this is not the first time global oil markets contend with an epidemic threatening demand, the current supply environment could worsen the situation. Some businesses in China including McDonald’s Corp and Starbucks Corp temporarily shut some stores in efforts to contain the virus. Brent futures fell 6.4 percent this week.

Source: Taipei Times January 25, 2020 15:56 UTC