Oil had it worst week since the financial crisis as panic over the coronavirus pandemic battered global markets. Futures in New York fell 16% this week, marking the biggest weekly drop since December 2008. The viral outbeak showed no signs of relenting, with the World Health Organization raising global risk to “very high” from “high.” The collapse of financial markets prompted U.S. Federal Reserve Chairman Jerome Powell to assure investors that the central bank is prepared to cut interest rates to mitigate the virus’ threat to economic activity. “A month ago the concern was only China,” said Pavel Molchanov, energy research analyst at Raymond James & Associates Inc. “This meltdown is a fear of a global pandemic. The risk is we will see the same disruptions we saw in […]