The oil market is going through a "double disaster" with a collapse within the OPEC+ alliance affecting provide and the slowdown within the world financial system crushing demand, oil guru Dan Yergin mentioned this week. 

"The breakdown of OPEC+ is barely a part of the image," the vice chairman of IHS Markit advised CNBC's "Capital Connection" on Monday. "The massive factor is the coronavirus and the showdown of a lot of the world financial system."

Infections around the globe have now crossed 700,000, in line with knowledge compiled by the Johns Hopkins College. Almost 34,000 folks have died from COVID-19.

Nations have carried out journey bans and instituted lockdowns to stem the unfold of the virus.

"Vehicles not on the highway, airplanes not within the air, factories not working, folks not going to work," Yergin mentioned. "We see, on this month of April that is coming, what...