Oil is down by more than 4% on the day
Oil is another one of the cases of 'don't catch the falling knife' so long as coronavirus fears continue to bubble up in the market. WTI is down towards $45 now with Brent also slipping below $50 for the first time since 2018.
As the market continues to be fearful about a major slowdown around the world, there is no telling where the bottom will be for oil if more and more countries continue to be affected and locked down by the coronavirus outbreak.
At this stage, the end-2018 low near $42 looks inevitable until something changes.
