Oil falls over 2% on concerns over economic toll from virus - Reuters

Oil falls over 2% on concerns over economic toll from virus - Reuters:

Oil prices slid more than 2% on Friday as investors fretted about crude demand being pinched by the economic impact of the coronavirus outbreak, while leading producers appeared to be in no rush to curb output.

The latest signs of infections outside the Hubei province epicentre spurred a selloff across financial markets, as G20 policymakers travelled to Saudi Arabia for talks on the global economy. 


Brent crude LCOc1 was down $1.32, or 2.2%, at $57.99 a barrel by 10:52 a.m. EDT (1552 GMT), on track for its biggest daily decline in nearly three weeks. U.S. crude CLc1 dropped 96 cents, or 1.8%, to $52.92.

“It’s safe to say that uncertainty (surrounding coronavirus) has returned with a vengeance,” said Ole Hansen, head of commodity strategy, Saxo Bank.