2020-01-28 07:31:20

Shafaq News/ Crude futures fell 2 % to the lowest level in 3 months, Monday, as the death toll from Corona virus in China rose, curbing travel and fueling expectations for a slowdown in oil demand.

The Brent crude settlement price was set at 59.32 dollars a barrel, down 1.37 %, or 2.3 %, and recorded its lowest level since October 21.

US crude closed at $ 53.14 a barrel, down $ 1.05 or 1.9 %, at the lowest price since October 2.

The global stock market, which impact is usually traced by oil, has also fall in light of growing investor anxiety over an expanding crisis, and demand for safe-haven assets, such as the Japanese yen and treasury bonds, has spiked.

The death toll from Corona virus has risen to 81 and the Chinese government has decided to extend the Lunar New Year holiday to February 2, to keep as many people as possible in their homes and prevent further spread of the virus.