Oil dips over 1% amid coronavirus fears - Breaking The News

Oil dips over 1% amid coronavirus fears

30 January

1 min read

EPA-EFE/EUGENE GARCIA

Prices of oil dropped on Thursday on fresh coronavirus worries as the death toll from virus-related diseases rose to 170 with a total of 7,711 confirmed cases, according to Chinese authorities. However, the World Health Organization (WHO) claimed that the world "still" has a chance to stop the infection outbreak, hailing China's "impressive" commitment to curbing coronavirus.

Meanwhile, crude oil inventories in the United States jumped by 3.5 million barrels last week, according to the US Energy Information Administration's report.

West Texas Intermediate for March delivery slipped 1.04% at 4:17 am ET to go for $52.54 per barrel while Brent price for March delivery shrunk 1.16% at the same time, trading for $58.93 per barrel.

oil

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