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Brent fell to around $62 and WTI settled at $55.59, with WTI touching its lowest level since November. Two Chinese cities were placed under lockdown as the coronavirus killed 17 people and infected nearly 600.
Fears of weaker travel and fuel demand from the outbreak are pushing crude lower, and fuel-linked input costs for feed producers would follow. A drawdown in US crude inventories limited the losses.
cnbc.comReutersJan 23, 2020After 26 past bearish disease events, Crude Oil (Brent) moved a median -6.0% over 5 sessions (15% higher; middle half -13.3% to -2.0%), and -6.8% over 20.
After 32 past bearish disease events, Crude Oil (WTI) moved a median -5.2% over 5 sessions (13% higher; middle half -15.0% to -2.4%), and -5.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Brent fell about 3% on Jan 23 as lockdowns and rising virus cases threatened Chinese fuel demand, starting the weekly slide.
WTI fell 3% to $55.59 on Jan 23 on lockdowns threatening Chinese fuel demand, starting the weekly decline.
