Coronavirus Visiting Int’l Oil Prices
Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in more than four years as the spread of the coronavirus stokes fears of slowing global demand.
Investors are increasingly worried as the virus has spread beyond its epicenter in China to more than 40 other countries, CNBC reported.
The most active Brent crude contract for May was down $1.42, or 2.8%, at $50.31 a barrel, a 14-month low.
West Texas Intermediate crude futures fell $1.39, or about 3%, to $45.70 per barrel. US crude has fallen about 14% for the week, the biggest weekly decline since May 2011.
New infections of the coronavirus reported around the world were now surpassing those in mainland China, where more than 2,700 people have died. A further 57 deaths have been recorded in other countries.
Benchmark Brent crude, which fell about 2% on Thursday, has shed around 13% this week, putting it on track for its steepest weekly decline since January 2016.
But some market participants are expecting the recent sell-offs to be reined in as soon as the demand fears wane.
Oil markets are hoping for steeper supply cuts by the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+.
OPEC+, which is currently reducing output by roughly 1.7 million barrels per day to support prices, is due to meet in Vienna on March 5-6.
source: Financial Tribune
Top News
Glencore in talks to sell Philippine copper smelting unit
Rasul Khalife Soltani, Secretary of the Iranian Steel Producers Association on the sidelines of the 1403 Steel Symposium:
Mobarakeh steel is producing green steel through scrap recycling
India’s record gold import said to be due to calculation error
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Norge Mining acquires Europe’s largest natural graphite producer
Mercuria partners with Zambia on metals trading venture
Aluminum price falls to one-month low in wider commodity slump
Skeena advances Eskay Creek permitting, unlocks Orion funding
Lure of Anglo’s copper mines could test BHP’s spending resolve
Copper giant Peru foresees another production plateau in 2025
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Mercuria partners with Zambia on metals trading venture
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Lure of Anglo’s copper mines could test BHP’s spending resolve
Iron ore price weakens as Australia flags return to sub-$100 prices
Nickel price hits 4-year low as gloom offsets potential Indonesia cuts
Sibanye raises $500m via metals streaming deal with Franco-Nevada
Triple Flag to acquire royalty on Tres Quebradas lithium project
Volkswagen buys 9.9% of Patriot Battery Metals for $48 million
Aluminum price falls to one-month low in wider commodity slump
India’s record gold import said to be due to calculation error
Glencore in talks to sell Philippine copper smelting unit
