Crude oil futures plummets 14% in January

Coronavirus Oil prices fall amid coronavirus rise in crude stocks

Oil prices fell for the week ending January 31 with the price of West Texas Intermediate (WTI) for March delivery down 4.85 percent and Brent crude oil for March delivery down 4.17 percent.

The market expectation was an increase of 482,000 barrels in crude inventories.

After a couple weeks of continued slippage, the price of the Brent and WTI benchmarks were trading down 0.98 percent and 0.73 percent on the day, respectively, at 9:51am as the World Health Organization declared a global health emergency.

Crude oil futures drifted lower on Friday, weighed down by growing concerns about outlook for energy demand due to the rapidly spreading coronavirus' potential impact on the global economy.

Brent crude gained 9 cents to $59.60 at barrel by 10:43 a.m. (15:41 GMT).

The stock markets are also feeling the impact of the virus as companies report full year earnings for 2019.

The virus that originated in Wuhan, China has now crossed global borders with many airlines suspending flights and companies calling a halt to unnecessary business and travel, especially in and out of China.

Lowry fires himself right back in contention at Saudi International
Conditions were very tough today, so I'm very pleased with that back nine because I really felt like the back nine's played very hard this week.

Saudi Arabia has opened a discussion about moving the upcoming Opec+ policy meeting to early February from March, four Opec+ sources said, after the recent slide in oil prices. "Only an additional Opec cut could change things".

The bigger than expected build in U.S. crude oil inventories last week also kept pressure on prices.

"While demand is a real concern, it's important not to forget about the supply disruptions from Libya - if these losses persist, it would be enough to swing the market into deficit this quarter", ING said in a note.

Gasoline stocks rose to a record high, increasing for a 12th consecutive week to 261.1 million barrels, the EIA said.

While Nigeria had signed a N10.33 trillion budget for 2020, predicated on oil price at $57/barrel, prevailing realities at the worldwide oil market could worsen the nation's fiscal outlook, even as some economists feared that the reality could cause another slip into recession and shortage of foreign exchange, with foreign reserves now about $40.95 billion.

China's services Purchasing Managers' Index was 54.1 in January as against 53.5 in December, and manufacturing index was 50.0 for January, data from National Bureau of Statistics showed.

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