(Bloomberg) — Oil headed for a 5% loss this week amid fears that China’s coronavirus will erode fuel demand just as markets struggle with a fragile world economy and adequate supplies.Futures held above $55 a barrel in New York, buoyed by an unexpected drop in U.S. crude inventories and a political crisis in Libya that has halted the OPEC member’s oil exports. Yet the signs of tighter supply paled against the International Energy Agency’s assessment that “the world is awash with oil,” a surplus that could grow if the virus outbreak hits consumption of jet fuel in China, the world’s …read more
Source:: Yahoo Finance
