Virus pummels oil and it will get worse as (or if) the virus does
Despite Libya taking so much oil supply off the market, sentiment about the virus is affecting prices even more
28 January 2020 - 11:55
Launceton — A question for the crude oil market: Why is the potential loss of a few hundred thousand barrels per day (bpd) of demand due to the coronavirus in China more important than the actual loss of about 1-million bpd of supply from Libya?
Benchmark Brent crude futures have slumped about 10% since January 20, the last day prices rose before the current losing streak, with the contract ending at $59.32 a barrel on Monday, the weakest close in three months...
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