UPDATE 2-Saudi Arabia says watching oil market closely regarding China virus - Reuters:
Saudi Arabia is closely monitoring developments in global oil markets resulting from “gloomy expectations” regarding the possible impact of the coronavirus on the Chinese and global economy, as well as on the oil market’s fundamentals, its energy minister said on Monday.
OPEC and its allies can respond to any impact on the stability of the oil market if needed, Prince Abdulaziz bin Salman said, but added that he was confident the Chinese government and international community could contain the spread of the virus and fully eradicate it.
The minister said the current impact on global markets, including oil and other commodities, was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.”
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