Oil falls as sinking demand outweighs stimulus hopes

LONDON: Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a US $2 trillion emergency stimulus will bolster economic activity.

Brent crude futures fell $1.04, or 3.75 per cent, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8 per cent, to $23.55 a barrel. Both contracts are down about 60 per cent this year.