Oil prices tumbled more than 2% on Monday, as the rapid spread of a coronavirus ...
SINGAPORE - Oil prices tumbled more than 2% on Monday, as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand.
“Demand destruction for crude is likely to intensify as travel restrictions will likely increase as the coronavirus outbreak becomes a global threat and not just contained to China,” said Edward Moya, senior market analyst at OANDA. South Korea’s fourth-largest city, Daegu, grew increasingly isolated as the number of infections there rose rapidly, with some airlines suspending flights to the city until March 9 and March 28 respectively. The country reported its seventh death after raising its infectious disease alert to its highest level.
“We should not underestimate the economic disruption as a super spreader could trigger a massive drop in business activity around the globe of proportions the world has never dealt with before,” Stephen Innes, chief market strategist at AxiCorp, said in a note on Monday.
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