1/21, 11:16 AM (Source: TeleTrader)
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Oil dips amid coronavirus fears

Prices of oil futures were down over 1% on Tuesday as fears over the spread of the potentially-fatal coronavirus in China grew. The World Health Organization is set to discuss the outbreak which has spilled over to Japan and Thailand. The approaching Chinese New Years sparked more worries about the rising epidemic, as the movement of people could significantly help transmission. So far, 292 people have been infected and six have died from the SARS-like virus, according to official data.

Meanwhile, United States Secretary of State Mike Pompeo said on Sunday that the progress made at the Libya conference in Berlin may open crude oil facilities in the country.

Brent futures for March delivery decreased 1.30% to $64.35 a barrel at 5:05 am ET. One minute later, West Texas Intermediate for March settlement sank 1.29% to $58 per barrel.

Breaking the News / NI