Oil Stumbles on Renewed Fears of Virus Intensifying Beyond China
- Global coronavirus spread triggers drops in business activity
- WTI posts second weekly gain, despite fears of virus’s fallout
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Oil fell as the coronavirus outbreak accelerated beyond China, intensifying concerns about the infection’s economic fallout.
Futures fell 0.9% in New York on Friday. China revised how it calculates infection totals for the third time this month, raising questions about data reliability and confirming the virus’s growing reach. Meanwhile, a key IHS Markit gauge of factories and service providers in the world’s largest economy dropped for the first time in seven years, sparking sell-offs in government bonds and equities.