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Oil prices fell on Monday, with WTI for March delivery down 2.6% at $50.24 a barrel, more than 20% below its January 6 peak of $63.27. Futures were close to a bear-market settlement as concerns grew that the coronavirus could damage China's economy and spread globally.
Crude is on the verge of a bear market on demand fears linked to the coronavirus, which pressures diesel and biofuel-linked feed input costs lower. The move reflects a continuing market slide rather than a new supply event.
marketwatch.comMark DeCambreFeb 3, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Same-day report of oil sliding toward a bear market on fears of coronavirus damage to China's economy and global spread.
Prices neared bear market on Feb 3 on fears of China economic damage, reflecting sentiment-driven selling.
