Monday, 27 January 2020

Oil falls 3% to three-month low as China virus threatens demand - Reuters

Oil falls 3% to three-month low as China virus threatens demand - Reuters:

Crude prices dropped 3% to three-month lows on Monday as the death toll from China’s coronavirus grew and more businesses were forced to shut down, fuelling expectations of slowing oil demand.

Brent crude LCOc1 was down $1.77 a barrel, or 2.9%, at $58.92 at 11 a.m. EST (1600 GMT). U.S. crude CLc1 was down $1.51, or 2.8%, at $52.68 a barrel.

Both benchmarks had earlier fallen by more than 3% and were at their lowest since October.

Global stock exchanges, which oil tends follows, also sank as investors grew increasingly anxious about the widening crisis. Demand spiked for safe-haven assets, such as the Japanese yen and Treasury notes.

No comments:

Post a Comment