UPDATE Oil Price Analysis in January 2020 | Drop on Coronavirus Fears

The latest news about the new Chinese virus that’s threatening to spread has affected even the oil price in January 2020, namely causing the oil price chart to drop over 1%. The oil price drops have actually reached the lowest point that the oil chart analysis has seen in the past 7 weeks. And with the development of this new disease, experts speculate that the demand on oil will decrease more, driving oil prices further down.

History has already seen a similar precedent, when the SARS epidemic impeded economic growth in the early 2000’s and also saw the oil price analysis fall significantly. With that memory still pretty fresh, the oil price forecast for the moment is looking rather grim.

So far the oil price chart analysis in January 2020 has witnessed Brent crude futures slump 1.5% down to $62.26 a barrel. And Texas Intermediate futures has fallen lower still – by 1.7% to a total of $55.79 a barrel. And if the respiratory virus reaches the scale of an epidemic, experts say we can expect the oil price in 2020 to fall a hefty $5 per barrel.

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