FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant
U.S. West Texas Intermediate crude CLc1 futures dropped 1.4%, or 52 cents, to $37.44 a barrel, adding to a loss of 42 cents on Wednesday. Worries about fuel demand rose after a surge in coronavirus cases led Beijing to cancel flights and shut schools and several U.S. states, including Texas, Florida and California, reported sharp increases in new cases.
“People are concerned about the coronavirus resurging in China and crude stockpiles rising,” said Lachlan Shaw, head of commodity research at National Australia Bank.
GurayMollaoglu
But not in Kenya. Oil price is going up.
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