Oil Falls For Fifth Day on Demand Concerns as Coronavirus Spreads
Thursday, 27 February 2020 18:39 WIB | ENERGY |Crude OilOil,brent oilMinyak 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 fuelled fears of a pandemic which could slow the global economy and lower crude demand.
Brent crude was down 60 cents, or 1.1%, at $52.83 a barrel at 0741 GMT. The contract earlier fell to as low as $52.53, the lowest since Jan. 2, 2019.
West Texas Intermediate (WTI) futures fell by 55 cents, or 1.1%, to $48.18 a barrel. It earlier fell to as low as $47.82, the lowest since Jan. 4, 2019.
In the five trading sessions through Thursday, Brent has dropped 10.6%, while WTI has declined 10.4%, their biggest five-day percentage losses since August 2019.
Source : Reuters
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