Brent crude falls as China cuts refining rates on virus outbreak
LONDON/SINGAPORE - Oil prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in top crude importer China after a new coronavirus outbreak spread from there to around 20 other countries.
U.S. West Texas Intermediate crude fell 5 cents to $51.51 a barrel, after earlier hitting a session low of $50.42, the lowest since January 2019. “The oil market is under pressure and prices have dropped to under $60 a barrel and efforts must be made to balance it,” Zanganeh said. “The market needs assurances that the supply/demand equation remains in balance for prices to hit a floor. This suggests a commitment from OPEC not just to extend oil supply cuts, but even implement deeper ones beyond March,” said FXTM analyst Hussein Sayed.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Greasy riders: Why truckers are turning to cooking oilThis company in Dubai is taking the oil used to cook McDonald's fries and chicken nuggets and turning it into biodiesel for commercial trucks, which are big contributors to CO2 emissions
Weiterlesen »
Oil extends decline on concerns about virus' impact on China demandOil prices extended declines on Monday, dragged down by worries about lower dema...
Weiterlesen »
Slideshow: 12 Surprising Uses for Eucalyptus OilEucalyptus oil is a hardworking essential oil with a wide range of uses, from bug spray, to household cleaner, to pre-op calmer, to oral plaque-fighter. Many remedies haven’t passed scientific testing, though. Learn the medically tried-and-true ways you can benefit from eucalyptus oil.
Weiterlesen »
Russian oil output up to 11.28 million bpd in January, highest since AugustRussian oil and gas condensate output rose to 11.28 million barrels per day (bpd...
Weiterlesen »
Here's Why a Harvard Professor Says Coconut Oil Is 'Pure Poison'A Harvard professor says coconut oil is 'pure poison' — here's why.
Weiterlesen »
14 Best Oil Diffusers to Help You Relax, FinallySit back and smell the diffusers.
Weiterlesen »