Oil price sinks 4% on demand concerns as coronavirus spreads


Brent crude futures fell US$2.20, or 3.8%, to settle at $56.30 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.95, or 3.7%, to settle at $51.43 a barrel.

NEW YORK: Oil prices slumped by nearly 4% on Monday as the rapid spread of the coronavirus in countries outside China added to investor concerns over the effect on demand for crude.

Global equities also extended losses as worries about the impact of the virus grew, with the number of cases jumping in Iran, Italy and South Korea.

Save 30% and win Bosch appliances! More Info

Monthly Plan

RM13.90/month
RM9.73 only

Billed as RM9.73 for the 1st month then RM13.90 thereafters.

Annual Plan

RM12.33/month
RM8.63/month

Billed as RM103.60 for the 1st year then RM148 thereafters.

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

Ringgit ends slightly higher against greenback amid cautious sentiment
Tengku Zafrul: Synthomer invests RM1.4bil in Johor over two decades
Erdasan suspends executive director over dubious transactions probe
Silver Ridge receives UMA query
Sime Darby Property’s The Nine, Elmina Green sees 100% take-up during preview
FBM KLCI sinks to one-year low amid broad selloff
Lego sales rise as bricks click with more shoppers
Oil prices inch up despite tariff concerns, slowdown fears
Gold rises as dollar, Treasury yields fall; US data awaited
Asian stocks drop on fears of US recession, growth headwinds

Others Also Read