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Oil prices hit 13-month low as coronavirus outbreak rattles market

As the coronavirus outbreak hits fuel demand in China, the world's biggest crude oil importer, refiner Sinopec Corp told its facilities to cut throughput this month by about 600,000 barrels per day

Topics
Crude Oil Price | Coronavirus

Reuters 

Oil prices fell to the lowest in more than a year on Monday, dragged down by concern over demand in China after the coronavirus outbreak, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support. "The coronavirus is the number one issue in the global market right now," said Phil Flynn, analyst at Price Futures Group in Chicago. "We have not seen a demand destruction event of this scale that moves this quickly." Brent crude was down $1.82 at $54.80 a barrel by 11:33 a.m. EST (1633 GMT), its lowest since January last ...

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First Published: Mon, February 03 2020. 22:47 IST
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