Cyprian Is Nyakundi
Front Business

Oil prices skid 2%, extending slide as China virus spreads


TOKYO (Reuters) – Oil prices slumped a further 2% to multi-month lows on Monday as the rising number of cases of the new China virus and city lockdowns deepened concerns about demand for crude, even as Saudi Arabia’s energy minister sought to calm the market.

Brent crude <LCOc1> fell by $1.12 a barrel, or 1.9%, to $59.57 by 0113 GMT, having earlier dropped to $58.68, the lowest since late October. U.S. crude <CLc1> slipped by $1.14, or 2.1%, to $53.05, having earlier eased to $52.15, the lowest since early October.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday he was watching developments closely in China and said he felt confident that the new virus would be contained.

Markets are being “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand,” he said.

With the coronavirus’s ability to spread getting stronger most financial markets are being hit, although many are closed in Asia due to the Lunar New Year holidays. [MKTS/GLOB]

(Reporting by Aaron Sheldrick; Editing by Kenneth Maxwell)


Source link

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.



Related posts

UK Firm Withholds $6.91 Million bid for Kenya Gold Mining Operation

Cyprian, Is Nyakundi

Co-op Bank named the best bank in Kenya

Cyprian, Is Nyakundi

Kenya’s GDP To Expand Between 5.6 And 5.8%

Cyprian, Is Nyakundi