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Oil Falls as Coronavirus Spread Beyond China Heightens Demand Fears
Friday, 21 February 2020 13:11 WIB | ENERGY |Crude OilOil,brent oilMinyak WTI

Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market.

Brent crude was down 28 cents, or 0.5%, at $59.03 a barrel by 0332 GMT, while U.S. crude was also off by 28 cents, or 0.5%, at $53.60 a barrel.

On Friday South Korean authorities confirmed 52 new coronavirus infections, Yonhap reported. The streets of Daegu, the country's fourth-largest city, were deserted on Thursday after dozens of people there went down with the pathogen in what authorities described as a "super-spreading" event.

In China itself, the world's biggest importer of crude oil, new cases also rose on Friday from the day before even as Beijing presses on with efforts to contain the spread that has largely paralyzed the world's second-biggest economy.

Source : Reuters

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