Oil Dives After CDC Warns of Impending Virus Outbreak in U.S.
- Virus spread to U.S. could cause significant disruptions: CDC
- Futures sink below $50, down more than 7% in past 3 sessions
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Oil deepened a three-day rout as panic over a coronavirus outbreak in the U.S. gripped investors and sent shockwaves through commodity, equity and debt markets.
Futures fell 3% in New York to the lowest level in more than two weeks. The U.S. Centers for Disease Control and Prevention warned Americans to brace for an outbreak at home. A spike in infections in other parts of Asia as well as the Middle East and Europe has raised fears of a global pandemic impacting the stability of the global economy.