A sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company , in Irkutsk Region, Russia. Crude Oil prices dropped below US$60 for the first time in nearly three months on Monday , as the death toll from China's coronavirus rose and more businesses were forced to shut down, fuelling expectations of slowing oil demand. - Reuters
The death toll from the coronavirus rose to more than 80 and the Chinese government extended the Lunar New Year holiday to Feb. 2, trying to keep as many people as possible at home to prevent the virus from spreading further. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman Al-Saud said on Monday he felt confident the new virus would be contained.
The OPEC+ group has been withholding supply to support oil prices for nearly three years and on Jan. 1 increased an agreed output reduction by 500,000 barrels per day to 1.7 million bpd through March.
Both palm oil and oil are down. Malaysia really unlucky . Brace for indefinite tough times
Fak
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