Virus Concerns Cause Oil To Fall For Sixth Session – 27 January, 2020

As the death toll from the coronavirus and concerns over its impact on economic growth rise, oil prices fell for a sixth straight session. After falling to a three month low of $58.50 per barrel on Monday, Brent crude shed 15 cents or 0.3% to $59.17 per barrel. U.S. West Texas Intermediate fell 0.2% or 12 cents to $53.02, having hit an October low the previous session at $52.13. Travel bans have been put in place to control the spread of the disease just ahead of Chinas busiest tourism season, the Lunar New Year, raising concerns of economic growth slowdowns in the worlds second largest economy and the demand for oil.