Oil falls 3% to settle under $50 for first time in 2 weeks
Wednesday, 26 February 2020 02:53 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil fell below $55 a barrel on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.

Crude fell almost 4% on Monday, with other commodities also reporting losses while U.S. and European equities suffered their steepest declines since mid-2016 on concern the coronavirus outbreak could turn into a pandemic.

Brent crude fell $1.48 to trade at $54.86 per barrel. U.S. West Texas Intermediate crude slipped $1.53 to settle at $49.90 per barrel, its first settle under the key $50 level since Feb. 11.

Source : Reuters

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