NEW YORK: Crude futures dropped 2% to three-month lows on Monday as the death toll from China’s coronavirus grew, curtailing travel and fuelling expectations of slowing oil demand. Brent crude settled at US$59.32 a barrel, losing US$1.37, or 2.3%, its lowest since Oct 21. US crude settled at US$53.14 a barrel, was down US$1.05, or 1.9%, its lowest since Oct 2. Global stock exchanges, which oil prices tend to follow, also sank as investors grew increasingly anxious about the widening crisis. Brent crude oil prices have dropped by almost a fifth since a spike in tensions between the United States and Iran briefly lifted prices above US$70 a barrel on Jan 8.

Source: Libya Today January 27, 2020 21:56 UTC