The crude oil market is watching for possible deeper output cuts by oil cartel Opec and its allies including Russia
London — Oil prices fell more than 2% on Thursday, plunging for a fifth day to their lowest since January 2019, as a rise in new coronavirus cases outside China fuelled fears of a pandemic that could slow the global economy and dent demand for crude.
The spread of the virus to large economies including South Korea, Japan and Italy has raised concern that growth in fuel demand will be limited. Consultants Facts Global Energy forecast oil demand would grow 60,000 barrels per day in 2020, a level it called “practically zero”, due to the outbreak. “The mood is gloomy and the end of the tunnel is not in sight — there is no light ahead just darkness. Not even a refreshingly positive weekly US oil report was able to lend price support.”
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