Oil prices unravel to lowest level in 12 months as coronavirus threat looms - Business Insider

Oil markets are concerned a health crisis will slow economic activity enough to undermine oil demand.

Coronavirus will already likely hamper growth and demand in China, the single largest importer of oil on the globe, and fears of greater fallout mount as the growth risk spreads to other economies. Adding to uncertainty,will put a floor under the price fall by slashing production. Saudi Arabia and other member countries support a production cut, but Russia stood in the way of previous efforts, The Journal reported. The organization will meet late next week.

But the government will give another reason why they have to increase price of fuel....

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