Oil prices fell on Thursday following surprise travel restrictions imposed by U.S. President Donald Trump in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.

The slump in oil is being compounded by the threat of a flood of cheap supply after Saudi Arabia and United Arab Emirates said they would raise output in a standoff with Russia.

Brent crude (LCOc1) was down $2.01, or 5.6%, at $33.78 by around 0930 GMT. U.S. crude (CLc1) was down $1.77, or 5.4%, at $31.21.

The two benchmarks are down about 50% from highs reached in January. They had their biggest one-day declines since the 1991 Gulf War on Monday after Saudi Arabia launched a price war.

Source: Reuters