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Oil falls for sixth day as China virus spreads

Published 01/28/2020, 09:36 AM
Updated 01/28/2020, 09:40 AM
© Reuters. Oil falls for sixth day as China virus spreads
LCO
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CL
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TOKYO, Jan 28 (Reuters) - Oil futures slipped on Tuesday,
extending losses into a sixth session as the spread of a new
virus in China and other countries raised concerns about a hit
to economic growth and slower oil demand.
Brent crude LCOc1 was down 15 cents, or 0.3%, to $59.17 at
around 0114 GMT, after touching a three-month low on Monday at
$58.50.
U.S. West Texas Intermediate CLc1 was down 12 cents, or
0.2%, at $53.02, after slipping to its lowest since early
October in the previous session at $52.13.
The United States warned against travel to China and other
countries put out advisories as the death toll from the
spreading coronavirus outbreak rose to 100 people and left
millions of Chinese stranded during the biggest holiday of the
year. Oil investors are concerned travel advisories, other
restrictions and any fall-off in economic growth in the world's
second-biggest economy and elsewhere will dampen demand for
crude and its products, amid plentiful supply.
"Jet fuel demand has already been negatively impacted given
our real time observation of Chinese flight activity," RBC
Capital Markets said in a note.
U.S. crude stockpiles likely rose last week, according to a
Reuters poll, underlining the supply side concerns. EIA/S

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