Oil prices have plunged to a recent year low amid concerns that the rapidly spreading coronavirus will negatively impact growth
Oil prices have fallen to a recent year low on fears that the rapidly spreading coronavirus will have a major impact on global economic growth.
Futures oil contracts lost another 1.4 percent in New York after falling more than 7 percent in the previous three sessions. Senior U.S. health officials warned Tuesday that the outbreak could spread within the country, and that statement brought hard selling on Wall Street and in the commodities group. With the rapid spread of the virus around the world, the number of coronavirus cases in South Korea exceeded 1,200, while the death toll in Italy rose to 10, and the death toll in Iran is also rising.