1/27, 5:38 AM (Source: TeleTrader)
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Oil drops over 2% on demand concerns

Oil prices were hit by growing fears over the impact of the deadly coronavirus which broke out in China earlier this month.

Fueling demand concerns, China’s National Health Commission said the ability of the pneumonia-like virus to spread is getting stronger. Cases of the virus have been confirmed in Japan, South Korea, Taiwan, Thailand, Vietnam, Singapore, Nepal, France, Australia, Canada, and the United States as well.

West Texas Intermediate for March delivery dropped 2.33% to $52.93 a barrel at 11:12 pm ET, while Brent futures for the same month lost 2.22% to $58.56 per barrel at 11:20 pm ET.

Breaking the News / JC