24/01/2020 16:18
Oil falls below $62, heads for weekly loss on China virus concerns
Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.
The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend, when millions of Chinese travel.
Global benchmark Brent LCOc1 was down 28 cents to $61.76 at 1115 GMT. The contract is down almost 5% this week, its third consecutive weekly drop. U.S. crude CLc1 slipped 25 cents to $55.34 and was also on course for a weekly decline.