The weakness in oil markets and emerging markets' currencies have come at a time when the global economy is feeling the pinch from the spread of a new coronavirus disease, or COVID-19.with more expected to follow suit.That hit to oil demand, coupled with an expected increase in supply, is dealing a "double whammy" to oil markets, said Matt Smith, director of commodity research at ClipperData.
"Going forward, it doesn't seem as if we're going to get much better news unless this actually draws Russia back or it gets Saudi back to ... the negotiating table," he told CNBC'sSome analysts added that the lower oil prices could spur oil importers such as China and India to stock up.
Here’s a rule of thumb. Every one-penny reduction in gas prices puts more than $1 billion a year into the hands of consumers for them to save or to spend on other things. So, that $1.50 reduction in the price at the pump has been a $150 billion a year stimulus plan.
Go down damn oil.We can drive cheaper
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