Oil headed for a 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. WTI Crude is $55.34; Brent is $61.69.
Mexico is playing a risky game of hide-and-seek with the oil market. Options give Mexico the right to sell oil at the predetermined price, so if the actual market price is lower, the options payout and make up the difference - acting effectively as an insurance policy. WTI Crude is $55.78; Brent is $62.26.
The Libyan pipeline blockade is having a muted impact on sentiment, and market-makers are also focusing on the emergence from China of the coronavirus and the possible implications a pandemic might have on global economic growth. WTI Crude is $58.03; Brent is $64.24.
Libyan ports have been closed on the order of militia leader Khalifa Haftar while he haggles over a settlement with the national government. Yet crude markets remain calm because “the world is awash with oil, mainly coming from the United States." WTI Crude is $57.79; Brent is $64.22.
China's economy, the world’s second-largest, grew by 6.1% in 2019, its slowest expansion in 29 years, government data showed on Friday. WTI Crude is $58.81; Brent is $64.94.
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