Oil Drops, New Virus Cases In South Korea – 20 February, 2020

Oil prices took a tumble as South Korean authorities confirmed 104  coronavirus cases and one death, while an increase in cases in China after a slowdown, continuing to paralyze the worlds second largest economy. Brent crude fell 28 cents or 0.5% to $59.03 per barrel. U.S. crude fell to $53.60 per barrel, also down 28 cents or 0.5%. Crude stockpiles in the U.S. continued to increase for a fourth week, though OPEC is continuing to withhold supply from the  market to support prices. The group and Russia are scheduled to  meet soon to discuss next steps for the commodity and how to continue to support the market.