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The price of oil has dropped to the lowest level since December 2018. The Coronavirus has brought China’s transportation and manufacturing to a standstill and led to fears in the oil market. Fueling concerns about Chinese demand and an already excessive oversupply in the market, has led to a 25 percent drop in global oil prices, while OPEC and Russia deliberate whether further cuts are needed to help stabilize the market.

Coronavirus Outbreak Cause of Global Oil Price Drop

The price of oil has dropped to the lowest level since December 2018. The Coronavirus has brought China’s transportation and manufacturing to a standstill and led to fears in the oil market.

Fueling concerns about Chinese demand and an already excessive oversupply in the market, has led to a 25 percent drop in global oil prices, while OPEC and Russia deliberate whether further cuts are needed to help stabilize the market.

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