Oil skilled Daniel Yergin instructed CNBC on Monday that the trade is dealing with "a triple whammy" of pressures, contributing to the tumult dealing with world markets. 

"You might have oil, you've gotten geopolitics, and you've got the virus," the Pulitzer Prize-winning creator mentioned on "The Alternate."

The scenario at hand for oil producers has turn into "a battle for market share in a constricting market," he mentioned. 

Yergin's feedback got here as oil costs sank to multiyear lows following an escalation of tensions between Saudi Arabia and Russia. 

OPEC was unable to succeed in an settlement with its allies final week on manufacturing cuts, with Russia reportedly spearheading the opposition. Saudi Arabia responded by lowering its oil costs whereas it reportedly plans to enhance its personal manufacturing. 

However Yergin known as consideration to one of many causes the potential manufacturing reduce was being mentioned: the fast-spreading coronavirus. 

The illness, which originated in China however has since unfold throughout the globe, has dramatically...