Oil Plunges To More Than Year Low As China's Virus Crisis Worsens

NEW YORK (UrduPoint News / Sputnik - 03rd February, 2020) EW YORK, February 3 (Sputnik) � Oil prices plunged to a more than year-long low on Monday, with global benchmark Brent crude snapping the key $55 per barrel support, as China's coronavirus strangled demand for oil in the world's number one consumer of the commodity.

By 12:41 PM ET (17.41 GMT), London-traded Brent was down $1.72, or 3 percent, at $54.90 per barrel, after striking a 13-month low at $54.

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New York-traded West Texas Intermediate (WTI), the US benchmark for crude oil, was down $1.05, or 2.1 percent, at $50.51. It broke its $50 per barrel support earlier, with a 14-month low at $49.94.

Demand for oil has fallen to one of its lowest levels in years as top consumer China struggles to cope with the debilitating coronavirus that has killed more than 361 people and affected over 17,000 in the country, apart from spreading internationally.