Oil Prices Drop Lowest Four Years

On Friday oil prices had the lowest weekly fall in four years, driven by coronavirus impact on demand.

Economists and investors worry that coronavirus outbreak, which has now spread to more than 40 countries, will slow down demand of oil. The biggest contracts such as Benchmark Brent crude dropped 13% and West Texas Intermediate experienced a steep fall of 16% during this week, being the lowest drop since 2008. 

OPEC members are expected to meet and discuss output cuts in response to the oil market tumbling due to the coronavirus outbreak, which could lead to a potential financial crisis.