The spreading coronavirus outbreak will hit the Canadian economy, in particular affecting oil prices and the tourism sector, Finance Minister Bill Morneau said on Monday. Morneau told a business audience that prices for crude - one of Canada's major exports - had dipped by 15% since the outbreak started in the Chinese city of Wuhan.
* Feb cuts average 320,000 bpd, about 10% * March reduction seen at 377,000 bpd. * Total cuts by state refiners around 940,000 bpd in Feb. * In talks with Mideast suppliers to defer or reduce intake. By Chen Aizhu and Muyu Xu.
Chinese commodities trader COFCO said on Monday it did not predict a recovery in Thailand's sugar crop any time soon. COFCO's Managing Director Softs Marcelo de Andrade made his comments during a panel discussion at an industry conference in Dubai.
Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts. Oil has dropped more than 20% from a peak in January after the spreading virus hit demand in the world's largest oil importer and fuelled concerns of excess supplies.
Many companies in America's oil patch were already struggling when the coronavirus came around. Investors are worried some won't pull through. U.S. benchmark crude prices started the year strong, rising sharply in tandem with stock markets on trade-deal optimism and geopolitical jitters, but then lost over a fifth of their value and dipped below $50 a barrel for the first time in more than a year.
Oil prices fell for the fifth week in a row as investors tried to gauge the fallout from a coronavirus that has sickened thousands in China and tamped down demand in the world's largest importer of oil. Crude slid into a bear market on Monday, falling 20% from a recent peak in January, on worries about the virus's effect on the global economy in a world flooded with oil. U.S. crude rose Wednesday and Thursday as the Organization of the Petroleum Exporting Countries and its allies met to...
Oil prices on Friday posted declines for the session, as well as the week, as the spread of the coronavirus continued to feed concerns over a slowdown in global energy demand. March West Texas Intermediate oil fell 63 cents, or 1.2%, to settle at $50.32 barrel on the New York Mercantile Exchange. For the week, prices for the U.S. benchmark lost 2.4%.
By Myra P. Saefong and Mark DeCambre, MarketWatch. WTI, Brent oil futures both post a 5th straight weekly decline. Oil futures finished lower Friday to suffer a fifth weekly loss in a row, as strong growth in U.S. employment failed to offset concerns over the global economy fed by the spread of the coronavirus.
Oil prices seesawed this week as investors tried to gauge the fallout from the coronavirus that has sickened thousands in China and tamped down demand in the world's largest importer of oil. Crude slid into a bear market on Monday, falling 20% from a recent peak hit in January, on worries about the coronavirus's effect on the global economy in a world flooded with oil. Prices then rose Wednesday amid unconfirmed reports that researchers at a Chinese university had found a...
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