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| Commodity News |
| HeadLine : |
Oil slumps 6% as U.S. bans travel from Europe over coronavirus pandemic |
| Date : |
Mar 12 2020 |
Oil prices slumped again on Thursday amid a broader market rout after the United States banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic. The threat of a flood of cheap supply compounded market concerns as Saudi Arabia promised to raise oil output to a record high in a standoff with Russia. Brent crude (LCOc1) was trading down $2.12, or 5.9%, at $33.67, having flipped in and out of positive territory before the U.S. announcement. The contract fell nearly 4% on Thursday. U.S. crude (CLc1) was down $1.87, or 5.7%, at $31.11 after dropping 4% in the previous session. Global shares also crumbled after U.S. President Donald Trump said the United States will suspend all travel from Europe as he unveiled measures to contain the coronavirus epidemic. On supply, the United Arab Emirates followed Saudi Arabia in announcing plans to boost oil output after the collapse last week of an agreement between OPEC, Russia and other producers, a grouping known as OPEC+, to withhold supply and buttress prices. UAE's national oil company, ADNOC, said it plans to raise crude sales to more than 4 million barrels per day (bpd) and accelerate a push to boost capacity by a quarter to 5 million bpd.
Source : Invetsing
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