DUBAI — Saudi Arabia is closely monitoring developments in global oil markets resulting from “gloomy expectations” regarding the possible impact of the coronavirus on the Chinese and global economy, as well as on the oil market’s fundamentals, its energy minister said on Monday. U.S. crude was down by $1.30, or 2.4%, to $52.89, having earlier eased to $52.15, its lowest since early October. While most markets are being impacted by the spread of the coronavirus, many are closed in Asia due to Lunar New Year holidays. MKTS/GLOB“Such extreme pessimism occurred back in 2003 during the SARS outbreak, though it did not cause a significant reduction in oil demand,” Prince Abdulaziz said in a statement. Health authorities around the world are racing to prevent a pandemic after more than 2,000 people were infected with the virus in China and 56 died.

Source: National Post January 27, 2020 08:03 UTC