Beijin­g is world's second-larges­t oil consum­er; slowdo­wn in travel will show up on demand foreca­stsLONDON: Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts. Health authorities fear the infection rate could accelerate over the lunar New Year holiday this weekend, when millions of Chinese travel. “Such is the bearish pressure that a raft of ongoing crude supply outages is not gaining much traction,” said analysts at JBC Energy in a report. Such outages include the shutdown this week of the bulk of oil supply in OPEC producer Libya. Russia’s number two oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Source: The Express Tribune January 24, 2020 12:56 UTC