Oil falls 6% after Trump surprises with travel curbs - Reuters

Oil falls 6% after Trump surprises with travel curbs - Reuters:

Oil prices fell more than 6% on Thursday after U.S. President Donald Trump unexpectedly announced restrictions on travel from Europe 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 the United Arab Emirates said they would raise output in a stand-off with Russia.

Brent crude LCOc1 was down $2.29, or 6.4%, at $33.50 a barrel by 1501 GMT. U.S. crude CLc1 was down $1.66, or 5%, at $31.32.

Global equities were also hit after President Trump said the United States would suspend all travel from Europe, except Britain and Ireland, as he unveiled measures to contain the coronavirus.