Fears of coronavirus spreading beyond China expected to keep weighing on sentiment
Tokyo — Oil rose on Tuesday as investors snapped up bargains after crude benchmarks dropped almost 4% in the previous session, but fears that the spreading coronavirus could wreak far greater economic damage than initially thought capped gains.
“WTI has regained some ground as investors looked for bargains and as the benchmark slipped neared a key support level of $50 a barrel,” said Satoru Yoshida, a commodity analyst with Rakuten Securities. “Fears that the rapidly-spreading coronavirus outside China could lead to a bigger-than-anticipated impact on global economy and oil demand is likely to keep weighing on market sentiment,” Yoshida said.
The coronavirus outbreak can still be beaten, the World Health Organisation said on Monday, insisting it was premature to declare it a pandemic even though it had the potential to reach that level.
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