Oil prices fell for the second straight day on Thursday amid a broad decline in global markets after the United States banned travel from Europe following the World Health Organization’s decision to declare the coronavirus outbreak a pandemic.
The slump in oil is being compounded by the threat of a flood of cheap supply as Saudi Arabia promised to raise output to a record high in its standoff with Russia.
Brent crude (LCOc1) was trading down $1.65, or 4.6%, at $34.14 by around 0718 GMT, a little above earlier lows. The contract fell nearly 4% on Wednesday.
U.S. crude (CLc1) was down $1.38, or 4.2%, at $31.60 after also dropping 4% in the previous session.
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