Oil slides after US bans travel from Europe

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Oil slides after US bans travel from Europe
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The standoff between Russia and Saudi Arabia is adding to woes

Tokyo — Oil prices sank again on Thursday along with the broader market after the US banned travel from Europe following a World Health Organisation declaration that the coronavirus outbreak is now a pandemic.

Global shares also crumbled after US President Donald Trump said the US will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic. “A WHO declaration of global emergency and US-EU traffic ban is dampening the global energy demand outlook, in conjunction with an intensified price war between Saudi and Russia,” said Margaret Yang, market analyst at CMC Markets in Singapore.

The UAE’s national oil company, Adnoc, said it plans to raise crude sales to more than 4-million barrels per day and accelerate a push to boost capacity by a quarter to 5-million bpd.

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