Oil Tumbles Below $50 a Barrel as Virus Saps Chinese Demand - Bloomberg:
Oil fell below $50 a barrel for the first time in more than a year as China’s oil consumption was said to plunge by 20% amid the spread of coronavirus, threatening what could be the largest demand shock since the since the global financial crisis.
Futures sank as much as 3.2% in New York and 4.2% in London on Monday as oil demand in the world’s biggest importer dropped by around 3 million barrels a day, according to people with inside knowledge of the country’s energy industry. The front-month Brent contract sank to a discount below further out futures for the first time since July, another sign of slack demand for crude.
Oil fell below $50 a barrel for the first time in more than a year as China’s oil consumption was said to plunge by 20% amid the spread of coronavirus, threatening what could be the largest demand shock since the since the global financial crisis.
Futures sank as much as 3.2% in New York and 4.2% in London on Monday as oil demand in the world’s biggest importer dropped by around 3 million barrels a day, according to people with inside knowledge of the country’s energy industry. The front-month Brent contract sank to a discount below further out futures for the first time since July, another sign of slack demand for crude.
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