Commodity News
HeadLine : Oil prices slip as coronavirus concerns linger
Date : Feb 18 2020
Oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets. Brent crude (LCOc1) was at $57.30 a barrel, down 37 cents, or 0.6%, while U.S. West Texas Intermediate crude (CLc1) fell 15 cents, or 0.3%, to $51.90 a barrel. U.S. stock futures slipped from record levels on Tuesday after Apple Inc, the most valuable company in the United States, said it will not meet its revenue guidance for the March quarter as the coronavirus outbreak slowed production and weakened demand in China. The number of new coronavirus infections in mainland China fell below 2,000 on Tuesday for the first time since January, Chinese health officials said, although global experts warn it is too early to say the outbreak is being contained. The International Energy Agency (IEA) said last week the virus was set to cause oil demand to fall by 435,000 barrels per day (bpd) year-on-year in the first quarter, in what would be the first quarterly drop since the financial crisis in 2009. Still, with some Chinese independent refineries snapping up crude supplies after being absent from the market for weeks, traders held out hopes that China's demand could recover in coming months.

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