Oil is on track for its worst week since May on fears coronavirus will hit growth.
More than 33 million people are now under travel restrictions in China, which could impact jet fuel demand. The timing is especially important because Chinese New Year, which starts tomorrow, is the world's largest annual human migration.
Several typically bullish events in the oil market occurred this week, but they weren't enough to prop up prices. Freeman said oil's price action is an indication that the market is assuming that "the situation [coronavirus] will get worse before it gets better."
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