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Oil prices fell about 2.3% to settle near $52.18 a barrel, with the intraday low of $50.97 the lowest since December 2018. WTI futures dropped 3.4% to $47.09, their lowest level since January, amid coronavirus fears.
Expectations of weaker global fuel demand from the outbreak push crude lower, which tends to lower diesel and freight costs and weigh on biofuel-linked feedstock values.
reuters.comDevika Krishna KumarFeb 27, 2020After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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 settled near $52.18 and hit its lowest since Dec 2018 on Feb 27 as coronavirus fears cut demand expectations, directly reflecting the end of the 5-day drop.
Brent settled near $52.18 and hit its lowest since Dec 2018 amid virus fears, adding to the weekly decline.
