UNITED STATES (OBSERVATORY NEWS) — Oil prices fell nearly 3 percent on Tuesday, extending losses for a third day, as fears of the spread of the Coronavirus and its impact on oil demand overshadowed OPEC production cuts and Libyan supply losses.
Market sales accelerated after the US Centers for Disease Control and Prevention said Americans should begin preparing to tackle the spread of the new virus after reports this week of cases in more countries.
Shares around the world fell today to their lowest levels since early December and the US record debt return reached a record low due to concern about the economic consequences of the spread of the virus.
And Brent crude fell $ 1.35, equivalent to 2.4 percent, to set the settlement price at $ 54.95 a barrel. US West Texas Intermediate crude fell $ 1.53, or three percent, to close at $ 49.90 a barrel.
“Fears about demand are erasing all the gains we have made over the past few weeks … This is not a situation that will suddenly improve,” said Bob Yoger, energy futures director at Mizuho in New York.
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