We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 3 Feb 2020 08:47 PM

Font Size

- Aa +

Oil price hits one-year low under $55 amid virus fears

London's Brent oil price slumps Monday as the market was rocked by coronavirus-linked demand fears

Oil price hits one-year low under $55 amid virus fears

London's Brent oil price slumped Monday under $55 per barrel, touching the lowest level in more than one year, as the market was rocked by coronavirus-linked demand fears.

In late afternoon trade, European benchmark Brent North Sea oil for delivery in April tumbled 3.3 percent to strike $54.73 per barrel -- a level last seen in early January 2019. At the same time, New York's West Texas Intermediate crude tanked to a similar trough at $50.31.

Arabian Business: why we're going behind a paywall

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.