Oil prices fall 2% on demand concerns as coronavirus spreads outside China

Oil prices tumbled more than 2% on Monday as investors worried about a hit to de...

SINGAPORE - Oil prices tumbled more than 2% on Monday as investors worried about a hit to demand from the coronavirus outbreak, which is spreading rapidly outside China.

Concerns about the coronavirus grew on Sunday after sharp rises in infections in South Korea, Italy and Iran. “We should not underestimate the economic disruption as a super spreader could trigger a massive drop-in business activity around the globe of proportions the world has never dealt with before,” said Stephen Innes, chief market strategist at AxiCorp.

Meanwhile, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman described as “nonsense” a media report that Riyadh is considering a break from the OPEC+ alliance with Russia.

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