#SaudiArabia, #UAE caution oil market against gloom over China virus - Reuters

Saudi Arabia, UAE caution oil market against gloom over China virus - Reuters:

Saudi Arabia, the world’s top oil exporter, on Monday urged caution against “gloomy expectations” regarding the possible impact of the spread of the coronavirus on the global economy and oil demand.

The death toll from a coronavirus outbreak in China rose to 81 on Monday with more than 2,700 infected as health authorities around the world stepped up screening of passengers from China.

Crude prices fell about 3% on Monday as the rising number of cases of the coronavirus and China’s city lockdowns and extension of its Lunar New Year holiday deepened concerns over oil demand. [O/R]

But Saudi Energy Minister Prince Abdulaziz bin Salman said the impact being seen on oil and other markets was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.”