Feb 25 (Lagos) - Coronavirus was back in spotlight and caused panic among investors worldwide. Stock markets fell across the world and crude oil futures dipped more than 4%. Nigerian stocks were down sharply as well.
A crude oil analyst compared coronavirus to SARS virus which hit back in 2002. Crude oil prices fell 31% due to SARS according to him and he said their firm was expecting a worst scenario for crude oil to decline further $10 a barrel from current levels.
Let us hope that the analyst is not correct as crude oil futures are recovering this morning already. Brent crude rose 29 cents, or 0.5%, to $56.59 a barrel in early morning, after falling 3.8% on Monday, the largest single-day price fall in three weeks.
New York crude oil futures (NYMES) crude futures climbed 22 cents, or 0.4%, to $51.65, recovering from a 3.7% drop in the previous session.
reporting for easykobo.com on Tuesday, Feb 25 2020 from Lagos, Nigeria