Oil prices plunge further

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In China, there were 125 new virus cases on Friday, the highest since mid-January, with authorities reportedly launching new restrictions, including flight cancellations, warnings by 46 cities against travel, and limits on public transport and taxi services in 144 of the worst-hit areas.

Meanwhile, daily new virus cases in the U.S have climbed to a six-month high, with more than 100,000 infections reported nationwide.

Thursday, however, the oil markets attempted a rebound after cross-border hostilities between Israel and Iran accelerated as both sides engaged in rocket exchange after a tanker off the coast of Oman was attacked last week.

At around 04:00 AM GMT, WTI crude shed 2% to $66.94 a barrel, while Brent oil lost 1.9% to $69.4 a barrel.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Felix Oloyede

Felix Oloyede is a Mass Communication graduate with 19 years experience in journalism. He has worked with TheWeek Magazine; Mirror Newspapers; West Africa BusinessNews and BusinessHallmark Newspaper. Oloyede has covered different news beats ranging from crime; arts; politics; commerce and industries to finance and economy. He is an alumnus of Bloomberg Media Initiative Africa. He has also attended different trainings on Media Communication at the Lagos Business School. He is an alumnus of Bloomberg Media Initiative Africa. He has also attended different trainings on Media Communication at the Lagos Business School.