RISING fears of the coronavirus spread and its potential economic impact unleashed one of the most violent sell-offs in history across global asset markets.
Brent crude oil dropped sharply by 15.89% to US$28.47 per barrel affected by the acceleration of coronavirus cases worldwide; a prolonged crude oil price war; and countries’ movement control and lockdowns during the pandemic, which are the main reasons of the mismatch between supply and demand. The EIA crude oil inventories for the week ending March 13 that came lower than expected at two million barrels (cons: 3.3 million) could not offset the worsening global situation.
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