TOKYO: Oil prices slumped again on Thursday amid a broader market rout after the United States banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic.
US crude was down US$1.87, or 5.7 per cent, at US$31.11 after dropping 4per cent in the previous session.Global shares also crumbled after US President Donald Trump said the United States willREAD: US will loan US$50 billion to small businesses, defer taxes to fight coronavirus, Trump says On supply, the United Arab Emirates followed Saudi Arabia in announcing plans to boost oil output after the collapse last week of an agreement between OPEC, Russia and other producers, a grouping known as OPEC+, to withhold supply and buttress prices.
"Without OPEC+, the global oil market has lost its regulator and now only market mechanisms can dictate the balance between supply and demand," said Espen Erlingsen, head of upstream research at Rystad Energy, which estimates that oil will need to fall to the low US$20s to achieve equilibrium.
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