Home » Markets » Oil falls for third day as virus concern outweigh supply cuts
Oil falls for third day as virus concern outweigh supply cuts
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LONDON (Reuters) – Oil fell towards $56 a barrel on Tuesday, declining for a third session, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.
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Crude fell almost 4% on Monday, with other commodities also posting 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 slipped 26 cents to $56.04 a barrel by 1105 GMT, giving up earlier gains. U.S. West Texas Intermediate crude was down 25 cents at $51.18.
"The Covid-19 virus and resulting risks to demand cannot be expected to disappear from the news any time soon,'' said Commerzbank analyst Eugen Weinberg.
South Korea aims to test more than 200,000 members of a church at the centre of a surge in coronavirus cases. The virus is also spreading in Europe and the Middle East.