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Oil falls for fifth day as coronavirus spreads outside of China
Thursday, 27 February 2020 10:05 WIB | ENERGY |minyak mentah WTI

Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China deepened fears that the global economy will slow and lower crude demand.

Brent crude (LCOc1) was down 77 cents, or 1.4% at $52.66 a barrel at 0204 GMT. The contract earlier fell to its lowest since Jan. 4, 2019. West Texas Intermediate (WTI) futures (CLc1) fell by 80 cents, or 1.6%, to $47.93 a barrel. The contract earlier fell to its lowest since Jan. 2, 2019.

Brent prices have dropped 11% in the past five trading sessions through Thursday, the biggest five-day percentage loss since August 2019. WTI has declined 10.8% over the same period, also the biggest five-day percentage drop since August 2019.

U.S. crude oil stockpiles increased by 452,000 barrels to 443.3 million barrels, the EIA said, whic was less than the 2-million-barrel rise analysts had expected. [EIA/S]

The crude market was also watching for possible deeper output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, a group known as OPEC+.

OPEC+ plans to meet in Vienna over March 5-6.

Source: Reuters

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