Currently, all eyes are on China, as the country battles a worsening coronavirus epidemic. The number of cases of people affected with the pneumonia-like disease continues to grow, as does the death toll.
In order to prevent the further spreading of the disease, the government has been closing down places that attract crowds, such as markets, cinemas, and large tourist attractions, which are normally quite popular as this time, since China is currently celebrating Lunar New Year and holding festivals for the holiday.
This year the celebrations have been marred by fears of the virus as the government encourages people not to travel and stay home instead.
Several Chinese cities have been closed off to limit the spread of the virus, and transportation has been cut off here and there for the same reason. Thus, there is less demand for oil from China, typically the biggest importer of fuel in the world.
With lower demand in the already slightly oversupplied market, oil prices have continued to drop. The Brent crude fell to $57.90, while the WTI brand of oil decreased to $52.38 per barrel.
The stock markets are also currently suffering from negative sentiments. The Dow, S&P 500, and Nasdaq 100 futures were all down, as were European stocks.
Meanwhile, the impeachment trial against US President Donald Trump continues. Though ex-National Security Advisor John Bolton might not be called in for questioning due to the way the Republican Party designed the trial, he still managed to say something quite incriminating regarding Trump’s demands that Ukraine investigates the Bidens. It is not certain if the statement will be admitted as evidence, however, since it was not spoken under oath as part of the trial.
