Crude oil price falls 3.21%. This occurs at a key time of the year for the economy of the Asian giant and the effects have already been felt internationally. The price of crude oil registered a sharp 3.21% drop in the London market during the last weeks of January. due to the spread of the new coronavirus in China.
This could affect the demand for crude oil in the world. «The Bloomberg the agency says that »the concern that the outbreak will become somewhat similar to the 2003 severe acute respiratory syndrome pandemic halted a seven-week uptick in emerging markets in the five days to Friday and the Monday continued to affect currencies, stocks, and bonds. «The yuan abroad fell to its weakest level this year and approached 7 per dollar, while a European fund traded on the stock exchange and focused on China fell 6%, leading to its largest decline since May». Wall Street opened this Monday with all its indicators down due to fear of the effects of the coronavirus that is expanding from China, with a 1.50% drop in Dow Jones, the main indicator of the New York Stock Exchange.
Due to the spread of the Chinese pneumonia virus, the stock market is in imbalance, so it is recommended to wait for the economy to stabilize by trading little risk and looking for the currencies that have no news.