Tokyo — Oil prices fell on Friday amid concerns over fuel demand as the coronavirus epidemic spread further beyond China, while major crude producers stood pat on any early action to cut output to support the market.
On Friday South Korean authorities confirmed 52 new coronavirus infections, Yonhap reported. The streets of Daegu, the country’s fourth-largest city, were deserted on Thursday after dozens of people went down with the pathogen in what authorities described as a “super-spreading” event. “I think there is a lot of reason for caution right now, as the impact of coronavirus on demand is still unclear,” Stratfor oil analyst Greg Priddy said.
Russian energy minister Alexander Novak said on Thursday that global oil producers understood that it would no longer make sense for Opec and its allies to meet before their gathering.
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