SINGAPORE: Oil extended declines from the lowest close in seven weeks on speculation China’s coronavirus outbreak may dent demand as the market tackles a glut of global crude supplies.
Futures lost 1.9% in New York as Chinese officials halted travel from Wuhan, the city at the epicenter of the outbreak. U.S. industry data signaled American crude stockpiles expanded further after Goldman Sachs Group Inc. warned that the virus may lead to a hit to oil demand. Concerns over the virus also weighed on broader market sentiment with Asian stocks declining.