Oil rout extends to sixth day as China coronavirus fears and death toll rise. Health experts say coronavirus outbreak looks "well contained".
Oil Fall Down: Brent crude and US West Texas Intermediate climbed further down as fears over the coronavirus outbreak in China rose (What is a coronavirus?). Both contracts are on track for their worst monthly falls since May and the oil rout has now entered its sixth day. Investors are concerned the outbreak could dampen demand for crude and related products even as reports of the virus spreads across the world beyond China, where it originated. Reuters
The State of Affairs: As of Tuesday, the coronavirus outbreak has killed 106 people and infected 4,515. Most of the cases have been contained to China, although some have been reported in the US, Germany, France, Japan and Australia. In India, some suspected patients have been kept under observation.
Health experts, reportedly, are saying the outbreak "appears to be very well contained", thanks to China's robust response to it. While previous coronavirus outbreaks like SARS and MERS had death rates of 10% and 35% respectively, this one seems to have a death rate of 2-3%. However, the extent of the problem is still unclear and the problem could escalate. CNBC
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