Oil falls more than 1% as virus spreads in Middle East and Europe
NEW YORK - Oil prices fell 3% on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus would become a pandemic in the United States.
Oil followed equities lower after reports that dozens people were being monitored in New York for possible coronavirus exposure. “We see oil prices improving through the year, assuming demand begins to normalize” in the second half, it said.
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