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1.Market Observations, 8.Was Sticky

5 Feb 2020 (AFR) – Crude shock as oil tumbles on coronavirus hit

(5 February 2020, AFR, p24, Tom Richardson, Markets reporter and commentator)

Oil and copper prices (Bloomberg, AFR)

Oil and copper prices (Bloomberg, AFR)

‘The coronavirus has one more victim with benchmark oil prices tumbling 18 per cent over 2020 to below $US50 a barrel on Tuesday as traders worry a slowdown in China will shatter demand. The uncertainty over the virus’s ongoing impact has now sent prices for both West Texas Intermediate and Brent crude oil futures benchmarks to their lowest levels since December 2018. Copper, often viewed as a proxy for the strength of China and global economic demand, is down 11 per cent to $US2.50 a pound this year.’

Read more at (might need AFR login access)

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