Oil falls as demand forecasts cut back for first time in 10 years
Opec and the IEA expect a drop in demand as China’s coronavirus cases jump and US crude inventories rise
13 February 2020 - 12:59
London — Oil prices fell on Thursday after oil cartel Opec and the International Energy Agency (IEA) reports cut back demand forecasts for the year on the back of the coronavirus outbreak in China, the world’s biggest oil importer.
Brent crude lost 65c to $55.14 a barrel by 9.30am GMT while US West Texas Intermediate (WTI) was down 39c at $50.78...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.