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The outbreak of coronavirus has disrupted the Lunar New Year, an important holiday where hundreds of millions of people in Asia travel.
Oil plummets to its lows of the day after President Trump says Iran ‘appears to be standing down’ in the Middle East
The fall erased all earlier gains from a spike in oil prices early Wednesday following an Iranian missile attack on US forces in Iraq.
Oil’s wild ride: Here’s why the precious resource is now trading lower after spiking 5% on Iran’s missile attacks
Prices reversed when a US statement said the attack caused no casualties, and President Donald Trump tweeted that "all is well" after the incident.
Since the conflict in the Middle East started, Brent crude has gained $4, Hussein Sayed, chief market strategist at FXTM wrote in a note early Monday.
Oil prices jumped at least 3% as traders feared Middle-Eastern tensions could reduce crude supplies.
Bullishness on a trade deal between the US and China, and supply cuts resulting from US sanctions on Iran and Venezuela have sent prices higher.
A major advisor to energy producing nations has suggested that the continued fallout from Venezuela could present a "challenge" for global oil markets.
Oil is set for its longest winning streak in 30 years as traders bask in improved US-China sentiment
Stock market wobbles have grabbed all the attention, but oil has had a stunning rally into the new year, helped by signs the trade war is thawing.
OPEC+ has agreed to cut production by 1.2 million barrels a day, reducing tensions around crude oil prices after days of fractious discussion in Vienna.
A geopolitical price war rages in the background of OPEC's summit between moderate cuts to production while appeasing President's Trump and Putin.