Source: Business Insider
Chinese oil demand has fallen by about 3 million barrels per day, a 20% decline, as coronavirus weighs on the economy, Bloomberg reported. Brent Intermediate dropped 0.31% to $55.91 per barrel as of 10:30 a.m. in New York. West Texas Intermediate dropped 1.25% to $51.25 per barrel. It’s likely the largest hit to demand since the global financial crisis in 2008, and the fastest since the September 11 attacks in 2001. OPEC and its allies are considering production cuts to stabilize prices, which are at one-year lows. Watch oil trade live on Markets Insider. Read more on Business Insider. Coronavirus is swiftly becoming a major market event, and it’s hitting the oil market as hard and as fast as the global financial crisis and September 11 attacks. Chinese oil demand has fallen by about 20%, or 3 million barrels per day, amid the coronavirus outbreak, Bloomberg reported . China is the largest oil importer in the world, having surpassed the US for the top spot in 2016. It’s likely the largest shock to demand that the oil market has seen since 2008, when the global financial crisis hit, Bloomberg reported.