Oil Slides to a Three-Month Low on Virus Contagion Jitters
- WTI posted its fifth consecutive loss as China deaths jump
- Gasoline futures touched the lowest level in 11 months
Photographer: Simon Dawson/Bloomberg
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Oil fell to the lowest since October as China’s deadly coronavirus crippled the world’s second-largest economy and threatened worldwide energy demand.
Futures shed 1.9% on Monday in New York. The coronavirus’s death toll climbed to at least 80 people and additional cases of infections underscored concerns that China has failed to contain the deadly virus despite its efforts to control the outbreak. China extended the Lunar New Year holiday by three days until Feb. 2, while companies in Shanghai have been asked not to start work until at least Feb. 9.