Oil prices fell on Thursday on concern that the spread of a respiratory virus fr...
LONDON - Oil prices fell on Thursday on concern that the spread of a respiratory virus from China could lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago.
U.S. West Texas Intermediate futures CLc1 fell 85 cents, or 1.5%, to $55.89 a barrel after earlier falling to the lowest since Dec. 3. The contract declined 2.7% on Wednesday. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome outbreak in 2002-03, which also started in China and dented economic growth and caused a slump in travel.
“We estimate a price shock of up to $5 if the crisis develops into a SARS-style epidemic based on historical oil price movements,” JPM Commodities Research said in a note.
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