Oil prices slumped further on Monday, after Chinese officials indicated that the coronavirus outbreak will remain an issue for the near future, deepening concerns over demand for crude, even after efforts from Saudi Arabia’s energy minister Prince Abdulaziz bin Salman Al-Saud to calm the market. The minister said on Monday that he was confident that the new virus would be contained, saying that he was continuing to watch development in China.
Meantime, the US, France, Italy, and Japan all said they were working to evacuate citizens from the ground zero of outbreak in Wuhan. At around 02:39 AM GMT, US crude oil slipped 2.4%, to $52.84, after easing earlier to $52.15, the lowest since early October. Brent crude fell by 2.2%, to $59.38, after dropping earlier to $58.68, the lowest since late October.
