Oil drops below $57 on coronavirus impact and OPEC+ delay

– Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market.

Forecasters including the International Energy Agency have cut 2020 oil demand estimates because of the virus. Though new cases in mainland China have dipped, global experts say it is too early to judge if the outbreak is being contained. The virus is having a wider impact on companies and financial markets. Asian shares fell and Wall Street was poised to retreat on Tuesday after Apple said it would miss quarterly revenue guidance owing to weakened demand in China.

The IEA last week said that first-quarter oil demand is likely to fall by 435,000 barrels per day from the same period last year in the first quarterly decline since the financial crisis in 2009.

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Chinese businesses in faraway Namibia feel virus fearNamibia hosts a big Chinese retail business community, and shops there are feeling the impact of the novel coronavirus outbreak. nCoV Good. May it be a lesson to a culture that eats dogs, rats, snakes, bats, badgers, etc. Hopefully, the impact will dissolve Communist Party rule in China and free its citizens from repressive tyranny.
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