WTI falls more than 2% amid coronavirus concerns

Friday, 24. January 2020 15:48

West Texas Intermediate (WTI) futures fell by more than 2% on Friday after the Chinese authorities shut down public transport in cities of Wuhan, Huanggang, Jingzhou, Xianning and Chibi in an attempt to prevent the spread of the new strain of the coronavirus in the country. The outbreak will likely spark fears of a decrease in the oil demand in the second-largest oil-consuming country.

Yesterday, in the United States, the Energy Information Administration (EIA) reported a decline of 405,000 barrels to 428.1 million barrels in the week ending January 17.

Brent for March deliveries dropped 1.93% to go for $60.86 per barrel at 9:35 am ET, while West Texas Intermediate (WTI) for settlements in the same month dipped 2.23% to sell for $54.39 per barrel concurrently.

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Breaking the News / MS