KONTAN.CO.ID - LONDON. Oil slipped towards $56 a barrel on Tuesday, falling 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 25 cents to $56.05 a barrel by 1450 GMT. U.S. West Texas Intermediate crude slipped 15 cents to $51.28.
Oil slips for 3rd day as virus fears outweigh supply cuts
KONTAN.CO.ID - LONDON. Oil slipped towards $56 a barrel on Tuesday, falling 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 25 cents to $56.05 a barrel by 1450 GMT. U.S. West Texas Intermediate crude slipped 15 cents to $51.28.