Oil falls for third day as virus fears accelerate on U.S. warning - Reuters

Oil falls for third day as virus fears accelerate on U.S. warning - Reuters:

Crude prices fell about 3% on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.

The market sell-off accelerated after the U.S. Centers for Disease Control and Prevention said Americans should begin to prepare for community spread of the new coronavirus after reports this week of new cases in several more countries. 


Stocks across the globe fell on Tuesday to their lowest since early December and the benchmark U.S. debt yield hit a record low on concerns about the economic hit of the spread of the virus. [MKTS/GLOB]

Brent crude fell $1.35, or 2.4%, to settle at $54.95 a barrel. U.S. West Texas Intermediate crude dropped $1.53, or 3%, to settle at $49.90 a barrel.