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Oil Drops With Virus Risks in Europe Dimming the Demand Outlook

  • U.K. may extend foreign travel ban beyond May 17 due to virus
  • Iran, EU and U.S. to meet in Vienna this week for discussions
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Photographer: Anita Pouchard Serra/Bloomberg
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Oil plunged the most in nearly two weeks as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a swift decline in global inventories.

Futures in New York slumped 4.6% on Monday, sending prices to the lowest in more than a week and markedly below U.S. crude’s 50-day moving average. The U.K. may delay global travel beyond May 17 if Covid-19 infections continue to surge around the world, while Italy also extended some restrictions for travelers, adding further pressure to a recovery in oil consumption.