Vessels carrying supplies for an offshore oil platform operated by Exxon Mobil are seen at the Guyana Shore Base Inc wharf on the Demerara River, south of Georgetown, Guyana. Oil is heading for the longest run of weekly losses since May on fears China’s coronavirus outbreak may dent demand amid plentiful global supplies, even as US crude inventories unexpectedly declined. - Reuters
SINGAPORE: Oil is heading for the longest run of weekly losses since May on fears China’s coronavirus outbreak may dent demand amid plentiful global supplies, even as US crude inventories unexpectedly declined.
Futures in New York are down 4.9% this week as officials widened their travel ban beyond the epicenter of the outbreak. S&P Global Ratings warned that the virus could hit Chinese consumption following a prediction from Goldman Sachs Group Inc. earlier in the week that oil demand may drop. Broader market sentiment was mixed, with mainland China shut for Lunar New Year holidays.
