Oil slides 1% on renewed fears over toll from coronavirus - Reuters:
Oil prices fell about 1% on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak, while OPEC and allied producers appeared to be in no rush to curb output.
The latest signs of infections outside the Hubei province epicenter in China spurred a selloff across financial markets, as G20 policymakers traveled to Saudi Arabia for talks on the global economy.
Brent crude LCOc1 tumbled as more than 2% at one point before settling down 81 cents, or 1.4%, at $58.50 a barrel. U.S. crude futures CLc1 settled 50 cents lower, or 0.9%, at $53.38.
Both benchmarks were on track for their second consecutive weekly rise, with Brent up 2% and U.S. crude rising 2.6%, as fears over the virus’ impact on demand eased earlier in the week and after a smaller-than-expected U.S. crude stock build.
Friday 21 February 2020
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.
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.
Oil falls 2% on renewed uncertainties over coronavirus outbreak - Reuters
Oil falls 2% on renewed uncertainties over coronavirus outbreak - Reuters:
Oil prices fell on Friday as a rise in new cases of coronavirus and weak Asian economic data fuelled uncertainty about the economic outlook and as major crude producers showed no rush to cut output.
Brent crude LCOc1 was down $1.20, or 2%, at $58.11 a barrel by 1136 GMT, while U.S. crude CLc1 dropped $1.02, or 1.9%, at $52.86 a barrel.
Oil prices had edged up on Thursday after a much smaller-than-expected rise in U.S. crude stocks.
“With Brent failing to breach the 60 level on Thursday, despite better-than-expected U.S. oil inventory data, rising market uncertainty is dragging down oil prices on Friday,” said UBS oil analyst Giovanni Staunovo.
Oil prices fell on Friday as a rise in new cases of coronavirus and weak Asian economic data fuelled uncertainty about the economic outlook and as major crude producers showed no rush to cut output.
Brent crude LCOc1 was down $1.20, or 2%, at $58.11 a barrel by 1136 GMT, while U.S. crude CLc1 dropped $1.02, or 1.9%, at $52.86 a barrel.
Oil prices had edged up on Thursday after a much smaller-than-expected rise in U.S. crude stocks.
“With Brent failing to breach the 60 level on Thursday, despite better-than-expected U.S. oil inventory data, rising market uncertainty is dragging down oil prices on Friday,” said UBS oil analyst Giovanni Staunovo.
Vitol Sees Oil Recovery This Year After Big Slump From Virus - Bloomberg
Vitol Sees Oil Recovery This Year After Big Slump From Virus - Bloomberg:
The oil market is poised for a recovery but will have to first tackle a severe virus-induced demand slump, the chief of Vitol Group said.
The market is facing a 200 million-barrel demand loss in the first quarter, with a 4 million-barrels-a-day decrease in China currently as the virus hits economic activity and restricts travel, Chief Executive Officer Russell Hardy said. While that adds to similarly pessimistic views, including from the International Energy Agency, he said lower supply from Libya and Venezuela and the prospect of deeper cuts from OPEC are easing concerns for the market.
“All of those factors are going to help re-balance the 200 million barrels, which will leave the market in a better position for the second half of the year,” Hardy said in a Bloomberg Television interview. “There’s an OPEC meeting to come in a couple of weeks time and the market’s anticipating some kind of supply response from OPEC.”
The oil market is poised for a recovery but will have to first tackle a severe virus-induced demand slump, the chief of Vitol Group said.
The market is facing a 200 million-barrel demand loss in the first quarter, with a 4 million-barrels-a-day decrease in China currently as the virus hits economic activity and restricts travel, Chief Executive Officer Russell Hardy said. While that adds to similarly pessimistic views, including from the International Energy Agency, he said lower supply from Libya and Venezuela and the prospect of deeper cuts from OPEC are easing concerns for the market.
“All of those factors are going to help re-balance the 200 million barrels, which will leave the market in a better position for the second half of the year,” Hardy said in a Bloomberg Television interview. “There’s an OPEC meeting to come in a couple of weeks time and the market’s anticipating some kind of supply response from OPEC.”
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake - Bloomberg
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake - Bloomberg:
When Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties and transportation links with Qatar in June 2017, there were expectations that the rulers would resolve the spat quietly among themselves, as they did a similar dispute three years earlier. Instead, the group issued tough demands, Qatar refused to bend, and the breach hardened. Qatar even quit OPEC at the start of 2019 in a rare rupture of the Saudi-dominated oil cartel. In late 2019, there were signs the squabbling states might be willing to bridge their differences, but progress on repairing the rift has stalled even as fault lines drawn by the conflict deepen outside the region.
When Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties and transportation links with Qatar in June 2017, there were expectations that the rulers would resolve the spat quietly among themselves, as they did a similar dispute three years earlier. Instead, the group issued tough demands, Qatar refused to bend, and the breach hardened. Qatar even quit OPEC at the start of 2019 in a rare rupture of the Saudi-dominated oil cartel. In late 2019, there were signs the squabbling states might be willing to bridge their differences, but progress on repairing the rift has stalled even as fault lines drawn by the conflict deepen outside the region.
NMC founder Shetty appoints Houlihan Lokey to restructure debt - BBG - Reuters
NMC founder Shetty appoints Houlihan Lokey to restructure debt - BBG - Reuters:
NMC Health's founder BR Shetty has appointed investment firm Houlihan Lokey to restructure the debt of his holding company, Bloomberg reported here on Thursday.
BRS Ventures Investment, which is the holding company of about 30 firms, including payments companies Finablr and Travelex, will work with the investment firm to revamp its debt, according to the report.
Shetty had resigned as co-chairman of NMC on Monday, creating further uncertainty for the UAE healthcare company, which has seen its shares collapse in the past few weeks on doubts about the shareholdings of its major investors.
NMC Health's founder BR Shetty has appointed investment firm Houlihan Lokey to restructure the debt of his holding company, Bloomberg reported here on Thursday.
BRS Ventures Investment, which is the holding company of about 30 firms, including payments companies Finablr and Travelex, will work with the investment firm to revamp its debt, according to the report.
Shetty had resigned as co-chairman of NMC on Monday, creating further uncertainty for the UAE healthcare company, which has seen its shares collapse in the past few weeks on doubts about the shareholdings of its major investors.
Oil falls 1% as spreading virus compounds concerns over demand hit - Reuters
Oil falls 1% as spreading virus compounds concerns over demand hit - Reuters:
Oil prices fell around 1% on Friday, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market.
Brent crude LCOc1 was down 64 cents, or 1.1%, at $58.67 a barrel by 0703 GMT, while U.S. crude CLc1 dropped 54 cents, or 1%, at $53.34 a barrel.
South Korea’s fourth-largest city has become the latest virus hotspot, with streets abandoned and residents staying indoors after dozens of people were infected in what authorities described as a “super-spreading event” at a church.
Singapore and Japan are on the cusp of recession and the epidemic will be a major focus of talks at a meeting of G20 finance leaders on the weekend.
Oil prices fell around 1% on Friday, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market.
Brent crude LCOc1 was down 64 cents, or 1.1%, at $58.67 a barrel by 0703 GMT, while U.S. crude CLc1 dropped 54 cents, or 1%, at $53.34 a barrel.
South Korea’s fourth-largest city has become the latest virus hotspot, with streets abandoned and residents staying indoors after dozens of people were infected in what authorities described as a “super-spreading event” at a church.
Singapore and Japan are on the cusp of recession and the epidemic will be a major focus of talks at a meeting of G20 finance leaders on the weekend.
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