Crude Oil Price Into Heavy Losses

Oil prices dropped to their bottom of the last seven weeks today, slipping more than 1%. This comes amid issues of the spread of a respiratory virus from China may lower fuel demand.

Oil trades at $55.86, which is a decline of $0.19 or 0.33% from the previous close of $56.05.

The daily range is from $55.56 to $56.25, while the trading volume is 76.71K.

U.S. West Texas Intermediate futures (CLc1) fell around 94 cents, or 1.6%, to $55.80 a barrel after earlier sinking to its bottom since Dec. 3.

The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a Chinese city of 11 million people.

Moreover, there is a real danger of a pandemic like the one of the Sudden Acute Respiratory Syndrome epidemic in 2002-2003, which also started in China.