Oil falls $2 as Trump surprises with travel ban - Reuters:
Oil prices fell on Thursday following surprise travel restrictions imposed by U.S. President Donald Trump in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.
The slump in oil is being compounded by the threat of a flood of cheap supply after Saudi Arabia and United Arab Emirates said they would raise output in a standoff with Russia.
Brent crude LCOc1 was down $2.01, or 5.6%, at $33.78 by around 0930 GMT. U.S. crude CLc1 was down $1.77, or 5.4%, at $31.21.
“Failure to stop a market-share war will fill global oil storage and Brent prices again will trade with a $20 handle by year-end,” said Robert Ryan, chief energy strategist at BCA Research.
Oil prices fell on Thursday following surprise travel restrictions imposed by U.S. President Donald Trump in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.
The slump in oil is being compounded by the threat of a flood of cheap supply after Saudi Arabia and United Arab Emirates said they would raise output in a standoff with Russia.
Brent crude LCOc1 was down $2.01, or 5.6%, at $33.78 by around 0930 GMT. U.S. crude CLc1 was down $1.77, or 5.4%, at $31.21.
“Failure to stop a market-share war will fill global oil storage and Brent prices again will trade with a $20 handle by year-end,” said Robert Ryan, chief energy strategist at BCA Research.
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