Oil extended declines to trade at the lowest level since October on concern a deadly virus that’s spreading from China will crimp energy demand in a market already awash with supplies. Futures lost as much as 3.8% in New York as the death toll from the virus in China climbed to at least 80, and the outbreak triggers new infections around the globe. The risk-off trading that dominated U.S. markets on Friday continued into Monday in Asia as China extended the Lunar New Year holiday for an unspecified period of time to help stem the spread of the coronavirus. Oil is bearing the brunt of the fallout from the virus due to the potential hit to travel. Saudi Arabia said the crisis is likely to have a “very limited impact" on demand.

Source: Mint January 27, 2020 00:22 UTC