WTI Crude Oil Still Trading Weak, Coronavirus Fears to Keep Demand Subdued

WTI crude oil prices are still on the decline into a fresh trading week as worries about the coronavirus and its economic impact dent demand for oil

Arslan Butt•Monday, February 10, 2020•1 min read

WTI Crude Oil Still Trading Weak, Coronavirus Fears to Keep Demand Subdued

WTI crude oil prices are still on the decline into a fresh trading week as worries about the coronavirus and its economic impact dent demand for oil, especially in China. At the time of writing, WTI crude oil is trading at around $50.19 per barrel.

While crude oil prices have been depressed over the past few weeks over the epidemic weakening demand at China because of the prolonged shutdown, they did receive some relief in the past week over hopes that OPEC could curtail crude production to offset the fall in demand. However, oil prices resumed their slide after recent comments by Russia expressing hesitation in further supply cuts.

Oil markets are also trading bearish over anticipation that demand is going to continue remaining weak despite any possible curbs in crude production. Meanwhile, some factories and ports in China are expected to open this week after the extended lunar new year holiday extent of resumption remains unclear due to the severity of the virus outbreak.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.