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Oil prices tumble over 2pc on demand concerns

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Brent crude fell by $1.42, or 2.4%, to $57.08 a barrel by 0552 GMT.

SINGAPORE – Oil prices tumbled more than 2% on Monday, as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand.

“Demand destruction for crude is likely to intensify as travel restrictions will likely increase as the coronavirus outbreak becomes a global threat and not just contained to China,” said Edward Moya, senior market analyst at OANDA. South Korea’s fourth-largest city, Daegu, grew increasingly isolated as the number of infections there rose rapidly, with some airlines suspending flights to the city until March 9 and March 28 respectively. The country reported its seventh death after raising its infectious disease alert to its highest level.

Afghanistan, Iraq, Kuwait, Saudi Arabia and Turkey imposed travel and immigration curbs on the Islamic Republic.

 

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پاکستان تازہ ترین خبریں, پاکستان عنوانات

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