The coronavirus outbreak is the biggest shock to demand for oil since the 2008 financial crisis. Economists are warning that the outbreak could spark a severe economic slowdown or even recession in the United States and elsewhere.
Oil prices plunged deeper into a bear market Wednesday, reflecting fears about the economic repercussions of the rapidly-spreading health crisis. Economists are warning the coronavirus could spark a severe economic slowdown or even recession in the United States and elsewhere.The outbreak is the biggest shock to demand for oil since the 2008 financial crisis.US crude dropped another 2.3% on Wednesday to $48.73 a barrel.
How the coronavirus could spark a severe slowdown or recession in AmericaThe oil patch suffered more selling Wednesday, even as the broader markets staged a fragile rebound. Devon Energy and Diamondback Energy fell more than 5% apiece, making them among the biggest losers on the S&P 500. Larger rivals ExxonMobil and Chevron also retreated.Unlike recent oil bear markets caused by excess supply, this one is all about weakening demand.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Why A Famed Texas Oil Family Is Hunting For Cheap Solar Power From ‘Perovskites’Why a famed Texas oil family is hunting for cheap solar power from perovskites, a class of minerals first discovered 180 years ago in the Ural mountains and named for a Russian scientist
Les mer »
Oil steadies above $56 as supply constraints counter virus fearsOil steadied above $56 a barrel on Tuesday after two days of declines as OPEC ou...
Les mer »
14 Best Oil Diffusers to Help You Relax, FinallySit back and smell the diffusers.
Les mer »
Oil down 3% as virus spreads in Europe, Mideast; new U.S. cases suspectedOil prices fell 3% on Wednesday after hundreds of new coronavirus cases reported...
Les mer »
Have You Considered Adding a Hair Oil to Your Everyday Routine?These four products will make your hair longer, stronger, and shinier.
Les mer »
Oil rises on short-covering despite growing fears over coronavirusCrude prices edged up on Wednesday as investors covered short positions after th...
Les mer »