Oil slumps 6% as US bans travel from Europe over coronavirus pandemic
TOKYO : Oil prices slumped again on Thursday amid a broader market rout after the United States banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic.
The threat of a flood of cheap supply compounded market concerns as Saudi Arabia promised to raise oil output to a record high in a standoff with Russia.
Brent crude was trading down $2.12, or 5.9%, at $33.67 by around 0214 GMT, having flipped in and out of positive territory before the U.S. announcement. The contract fell nearly 4% on Thursday.
