Oil briefly flashed a warning signal that shows traders are worrying about oversupply - Business Insider

. That's the reverse of the way the futures curve normally sits — and it's historically signaled excess supply.. China is the single largest importer of oil in the world.

In addition, OPEC+'s willingness to support prices hangs in doubt, Bloomberg reported. OPEC+ delegatesto discuss production cuts in light of coronavirus. But those talks have stalled as key OPEC allies have signaled resistance. The global benchmark bounced up as much as 2.37% Tuesday, though the inter-day high of $54.53 per barrel remained just over a dollar more than the 52-week low of $53.11 per barrel.

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Coronavirus to hit Canadian economy, affect oil prices, tourism: finance ministerThe spreading coronavirus outbreak will hit the Canadian economy, in particular ... Going to affect far more than that in Canada, they are so unprepared. Wait! is in Canada already? Not the finance minister! Oh that’s a colon
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