U.S. West Texas Intermediate futures CLc1 fell 86 cents, or 1.5%, to $55.88 a barrel after earlier falling to the lowest since Dec. 3. “Downside demand risks due to the Wuhan virus appear to be a growing concern for the market, and understandably so, with any clampdown on travel likely to weigh on fuel demand,” ING Research said. The U.S. bank maintained its forecasts for Brent to average $67 a barrel in the first quarter and $64.50 a barrel throughout 2020. Brazil also produced more than a billion barrels of oil in 2019, a first for the South American nation, the national oil regulator said on Wednesday. Meanwhile China released data on Thursday showing its gasoline exports are surging, rising nearly a third last year as more new refineries are opened.

Source: GhanaWeb January 23, 2020 04:41 UTC