Saudi Arabia ‘Closely Monitoring’ Virus Impact on Oil Market
- ‘Very limited’ effect seen on oil demand: energy minister
- OPEC+ has capability, flexibility to respond if needed
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Saudi Arabia is “closely monitoring” the effect of the Chinese coronavirus outbreak on the oil market, but so far believes the crisis will have a “very limited impact” on global demand.
Brent crude, the global oil benchmark, plunged nearly 4% on Monday, dropping below $60 a barrel, as investors fretted about the impact of the outbreak on the Chinese economy. Brent tumbled more than 6% last week — the largest decline in more than a year as fears grew over how the virus may curb demand.