• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours Which producers will shut in first?
  • 6 hours How to Create a Pandemic
  • 44 mins TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 8 hours KSA taking Missiles from ?
  • 8 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 9 hours A New Solar-Panel Plant Could Have Capacity to Meet Half of Global Demand
  • 7 hours Trump eyes massive expulsion of suspected Chinese spies
  • 3 hours WE have a suicidal player in the energy industry
  • 4 hours Eight Billion Dollars Wasted on Nuclear Storage Plant
  • 9 hours Breaking News - Strategic Strikes on Chinese Troll Farms
  • 22 hours Today 127 new cases in US, 99 in China, 778 in Italy
Alt Text

Economic Activity Hits A Decade-Low

Economic activity has plunged to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Prices Set For Worst Weekly Plunge In Four Years

Oil prices sank for a sixth consecutive day early on Friday and were on track for their biggest weekly drop in more than four years as the coronavirus outbreak continues to roil global equity and oil markets.

At 10:53 a.m. EST on Friday, WTI Crude was plunging by 5.92 percent at $44.30, and Brent Crude was down 4.58 percent at $49.36, after falling briefly below $50 earlier today.  

The sell-off on the oil market has continued for more than a week as the coronavirus spread quickly outside China—to Europe, the Middle East, and as of recently—Africa.  

In the countries outside China worst hit by the coronavirus, South Korea now has more than 2,000 confirmed cases of coronavirus infections, with 16 deaths as of early Friday, and Italy had 650 cases with 17 deaths. Many countries, including the Netherlands, Azerbaijan, Belarus, and Lithuania also reported their first cases on Friday, as did New Zealand and Nigeria—with Nigeria’s the first known case of the coronavirus in sub-Saharan Africa.

The World Health Organization (WHO) warned that the outbreak has “pandemic potential,” which further stoked fears on the markets that a significant slowdown in global economic activity and travel could soon follow.

All major equity markets have been suffering all week, with the S&P 500 index going through its fastest correction in history on Thursday. On Friday, stocks were also set for steep losses and for their worst weekly drop since the 2008 financial crisis.

Oil prices have been on a losing streak since last Friday, when the first reports of a sharp rise in coronavirus cases outside China emerged.

The oil price rout, the current oil demand loss, and the feared additional demand destruction in case of pandemic have reportedly prompted OPEC’s largest producer Saudi Arabia to ask members of the OPEC+ group to consider an additional collective cut of 1 million bpd when the coalition meets in Vienna next week, Financial Times reports, citing five people with knowledge of the talks.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Andrew Doolittle on February 28 2020 said:
    The theory that US production will be in any way impinged from continued growth due to *Coronavirus FEARS* is a deadly falacy. Indeed any rational actor presuming the massive expense already paid and given the sell off in energy names will correctly claim this *price action* will continue even further growth as borrowing rates plunge and energy concerns in North America find themselves needing to shore up the top line in any way possible just to right the business prospects first and foremost shareholders be damned. By way of example the Exxon Mobil Baton Rouge refining facility is very much coming back on line. This could flood the entire Southeastern market with energy product just in time for a fire sale of perfectly good working assets at *the down on their luck* concerns.

    Beware a HUGE snapback rally in equity names in March as dirt cheap energy combined with the lowest borrowing costs in recorded US History suddenly bring in the bargain hunters. Long John Paulsen the King of Gold.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News