China Coronavirus Crashes Global Oil Price

Crude and stock prices on Monday crashed after confirmed cases of coronavirus infection in U.S., France and Australia, leading to global concern over potential consequences on world economy.

Following the outbreak of the virus which was first reported in Wuhan Province of China, oil prices slumped worst in four months as the virus has posed huge threat to the Chinese economic growth as the world’s biggest energy consumer, with the Chinese yuan falling 0.8% against the dollar in offshore.

Brent crude, which is the global benchmark of oil declined 3.4% and traded at $57.86 per barrel, while Russia’s ruble dropped to 0.8% against the U.S. dollar, as decrease in oil price has affected Moscow’s income, which is an oil giant.

Meanwhile, More than 2,700 cases of infection and at least 81 death cases have been reported so far of the deadly China diseases as the casualties are reported to be mostly in China’s Hubei province.

In the U.S., the Centers for Disease Control and Prevention confirmed the cases of infection in the country to five.

However, the Chinese Centre for Disease Control and Prevention (CDC) has said it is developing novo coronavirus (2019-nCoV) vaccine.