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Price of oil dips below $50 for first time in more than a year

Source: CBC News, February 3, 2020 

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The price for a barrel of oil dipped below $50 US a barrel for the first time since January 2019 on Monday. The coronavirus that has emerged from China is causing traders to fear for the impact on the economy.

A barrel of West Texas Intermediate briefly traded as low as $49.92 a barrel on Monday morning, the lowest level on record for the North American oil benchmark in more than a year. Less than a month ago, WTI was going for more than $63 a barrel, before gloom set in.

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