Coronavirus Impacts Chinese Economy, Sends Oil Prices Down Significantly Into Worse Bear Market

10 large cities and over 45 million people in China are blocked form traveling in cities …

by Jason Burack via Wall St For Main St

WTI oil prices are down over 2% already factoring in how 10 large cities and over 45 million people in China are blocked form traveling and in cities like Wuhan driving by regular citizens is now prohibited.

US oil production has continued to grow over the last few years up to 13 million barrels per day of oil production mostly due to US shale oil/tight oil production especially from the Permian Basin lately. A lot of this oil production growth has been uneconomic and debt was used to grow oil production.

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