What Collapsing Oil Prices Are Saying About The Impact Of The Coronavirus

What Collapsing Oil Prices Are Saying About The Impact Of The Coronavirus

Crude rebounded on Tuesday, as OPEC and its allies convened what amounts to an emergency meeting in Vienna in order to conduct an "urgent" assessment of how the coronavirus outbreak is likely to impact demand for crude, which plunged 16% last month in the worst start to a year since 1991. As I put it over the weekend, the oil market’s latest (black) swan dive is a testament to just how persistent demand concerns really are amid a still-tenuous outlook for global growth. And it underscores the
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