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News of the spreading coronavirus has been affecting the markets rather severely over the past weeks and the oil chart analysis has taken a pretty nasty hit as well. In fact, the coronavirus and oil correlation has seen oil prices drop down to a 12-month low.
This makes a rather foreboding oil price forecast, at least as of now. And if the coronavirus crisis continues to worsen like this, the oil price chart analysis in March 2020 will promise to see further downward movement. Currently, the WTI crude oil price analysis is at the mark of $47.41 per barrel, after dropping 2.71% from the last closing price.
And without doubt the situation around the COVID-19 will impact growth and demand in China, which will certainly continue to reflect on the oil price in March 2020. And whether there’s still a chance for the oil price in 2020 to recover later on remains to be seen.
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