Oil prices had weakened even before coronavirus scare: Peter Cardillo, Spartan Capital

2020 started off with the US-Iran issue and now coronavirus is taking a toll on the markets. What is the outlook for the commodity as well as equity markets based now?

The numbers are going up, not only in China, but also in other parts of the world. In fact, in the US, the third case was confirmed and this is probably going to impact the markets. Now the markets are somewhat vulnerable because they are already at such high levels. But obviously there is fear of coronavirus epidemic not only in China, but even in other parts of the world. But it could take a toll on economic activity, especially in China.

We all know that the country is basically locked down and many enterprises have been shut down and this will have a negative impact in terms of economic activity in China. The only hope here is that this virus can be contained and it does not spread any further.