Oil Rates Decrease Further

Oil prices extend declines into a 6th session amid escalating worries over the coronavirus spread, which according to the recent reports was detected in other countries as well, raising concerns about economic impact and potentially worsened demand.

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The Brent international benchmark for March futures eased by 0.89 percent, to touch $58,06 per barrel, while the U.S. WTI light crude oil lost 0.53 percent, to $52,87 per barrel at 0949 GMT.

The United States cautioned against traveling to China after the death toll from a spreading outbreak of coronavirus grew to more than 100 people, with more than 4,000 infected.

Hong Kong authorities said on Tuesday, that all public places, including sport centers, performance centers, museums, libraries will be closed until further guidance.

Investors started worrying that travel cautioning, bans, and any other serious steps that adversely affect the world’s 2nd biggest economy may lead to lower fuel demand.

Source: Tradingeconomics, Reuters