Oil prices have remained volatile across the last few months, as both political and economic factors have been influencing oil indices. Prices have spiked this morning following hopes of a coronavirus cure which has left the globe in a state of shock.
On Wednesday, Oil prices jumped over 3% as news broke through on a potential short term solution for the ongoing coronavirus crisis, which is continuing to take its toll on Chinese business.
The coronavirus has had disastrous effects not just for Chinese businesses and stocks but also massive health implications, as fears surge following the vast spread and potency of the lethal illness.
Both Brent Crude and US West Texas Intermediate jumped more than 3% on Wednesday morning, as investors remained optimistic from the medical breakthrough’s that had been reported to battle the coronavirus.
The price of Brent Crude currently is $55.25, and has seen day lows of $54.05 and highs of $55.85.
Looking at West Texas Intermediate, the current price is $50.71 which has seen a jump of 2.55%. Once again, West Texas Intermediate has been up and down today seeing highs of $51.19 and lows of $49.47.
A Chinese newspaper, which covers news from the City of Wuhan told global media outlets that a team of researchers had concluded that that drugs Abidol and Darunavir can inhibit the virus in vitro cell experiments.
Yesterday, the World Health organization said that this would be a real window of opportunity for the global community to come together and fight, and that measures will be made to tackle the ongoing crisis.
Global media has criticized both the Chinese Government and the Chinese Health departments for not handling the initial outbreak of coronavirus with adequate response, and yesterday it was reported that almost 4,000 new cases were confirmed in China.
Certainly the price of Oil does remain up and down over the renewed hope that there will be a short term fix to the coronavirus, however it will take much more than a short term fix to stop the outbreak and ensure safety of the global population.
