Travel restrictions, extended shutdown of large parts of Chinese industrial sector weighing on demand. FMTNews Coronavirus
LONDON: Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by Opec and its allies offered some price support.
As the coronavirus outbreak hit fuel demand in China, the world’s biggest crude oil importer, refiner Sinopec Corp told its facilities to cut throughput this month by about 600,000 barrels per day , or 12%, the steepest cut in more than a decade. The OPEC+ group is also considering holding a ministerial meeting over Feb 14-15, one of the Opec sources said, ahead of a previously scheduled March meeting.
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