Oil price falls on China coronavirus concerns

Brent crude futures fell below $60/bl for the first time since October as the coronavirus in China has weakened the outlook for oil demand growth, newswires report.

City lockdowns across China are expected to reduce demand for road transport and aviation fuels.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al-Saud has said the OPEC+ group is capable of responding to weaker demand.