Oil resumed declines as the biggest jump in U.S. crude stockpiles in almost three months added to concern over demand in a market already grappling with China’s spreading coronavirus.
Futures lost as much as 2% in New York, trading near the three-month low just above $52 a barrel reached earlier this week. U.S. inventories rose by 3.5 million barrels last week, fanning concerns that global markets soon face a renewed supply glut. Airlines across the world suspended flights to China as the death toll from the virus reached 170, with the World Health Organization meeting to consider issuing a global alarm.
West Texas Intermediate crude for March delivery fell $1.01 to $52.32 a barrel on the New York Mercantile Exchange as of 11:12 a.m. in London. Brent for March settlement declined 1.2% to $58.55 a barrel on the London-based ICE Futures Europe exchange after rising 0.5% in the previous session.
Source : Bloomberg