Oil Slides Further Due to Virus, Down 14% This Week — Market Talk

08:31 ET – US benchmark oil prices are down another 3% early in NY, putting them on target for a massive 14% weekly decline as the coronavirus spreads to at least three dozen countries. The virus is undoubtedly causing a huge loss of global oil demand as factories, businesses and schools shut down, but it’s also causing many investors to sell in a knee-jerk fashion. “It’s another sea of red in pre-market trading investors world wide are fleeing risky assets,” says Peter Cardillo at Spartan Capital. “Panic selling is in full force, setting the stage for another volatile session as the volatility index climbs to levels not seen since 2008.” WTI falls 3% to $45.66, a 13-month low.