Oil prices slipped on Tuesday on lingering concerns over the economic impact of ...
SINGAPORE - Oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets.
“While it’s more comfortable to call oil higher, given the likely pent-up demand to lead to a recovery from second quarter, it’s far too early to suggest oil market concerns have dissipated,” said Stephen Innes, chief market strategist at AxiCorp. The International Energy Agency said last week the virus was set to cause oil demand to fall by 435,000 barrels per day year-on-year in the first quarter, in what would be the first quarterly drop since the financial crisis in 2009.
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