Oil prices fall 8% after Donald Trump surprises with travel curbs
Brent crude slid 8% on Thursday after US President Donald Trump restricted travel from Europe among measures to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic.
A flood of cheap supply coming onto the market from Saudi Arabia and the United Arab Emirates compounded pressure on prices. The Gulf Arab producers are raising production as they go on the offensive in an oil price war with Russia.
Brent crude was down $2.83, or 7.9%, at $32.96 a barrel by 2:00 p.m. ET (1800 GMT). US West Texas Intermediate Texas crude was down $1.85, or 5.6%, at $31.13.
Global equities plunged and the Dow Jones index was on course for its worst performance since Wall Street’s “Black Monday” crash of 1987, after Trump announced the travel restrictions.
