Crude Oil Prices Retreat

Oil prices dropped to their bottom of the last seven weeks today, slipping more than 1%. This comes amid issues of the spread of a respiratory virus from China may lower fuel demand.

Oil trades at $55.86, which is a decline of $0.19 or 0.33% from the previous close of $56.05.

The daily range is from $55.56 to $56.25, while the trading volume is 76.71K.

U.S. West Texas Intermediate futures (CLc1) fell around 94 cents, or 1.6%, to $55.80 a barrel after earlier sinking to its bottom since Dec. 3.

The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a Chinese city of 11 million people.

Moreover, there is a real danger of a pandemic like the one of the Sudden Acute Respiratory Syndrome epidemics in 2002-2003, which also started in China.

If you would like to learn more about trading forex and the markets, visit our fx academy to browse through hundreds of trading and theory articles.