Oil Heads for Biggest Monthly Loss Since May With Focus on Virus - Bloomberg:
Oil headed for its biggest monthly drop since May as Asia’s coronavirus spread, stoking concerns that demand for transportation fuels will shrink.
Futures were little changed in New York on Friday, after sliding to a five-month low on Thursday, as the World Health Organization declared the outbreak a global health emergency. Prices have slumped 14% in January as the disease locks down entire cities in China, the largest importer, and shows no sign of abating.
The rout has alarmed Saudi Arabia, prompting the biggest member of the OPEC cartel to push for an emergency meeting that could deepen production cuts already being made by the group. However, the overture hasn’t yet secured support from Russia, the most important player in a broader coalition known as OPEC+.
Oil headed for its biggest monthly drop since May as Asia’s coronavirus spread, stoking concerns that demand for transportation fuels will shrink.
Futures were little changed in New York on Friday, after sliding to a five-month low on Thursday, as the World Health Organization declared the outbreak a global health emergency. Prices have slumped 14% in January as the disease locks down entire cities in China, the largest importer, and shows no sign of abating.
The rout has alarmed Saudi Arabia, prompting the biggest member of the OPEC cartel to push for an emergency meeting that could deepen production cuts already being made by the group. However, the overture hasn’t yet secured support from Russia, the most important player in a broader coalition known as OPEC+.
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