Oil Drops With Virus Risks in Europe Dimming the Demand Outlook
- U.K. may extend foreign travel ban beyond May 17 due to virus
- Iran, EU and U.S. to meet in Vienna this week for discussions
This article is for subscribers only.
Oil plunged the most in nearly two weeks as growing delays in Europe’s reopening and looming Iranian supply dampened hopes for a swift decline in global inventories.
Futures in New York slumped 4.6% on Monday, sending prices to the lowest in more than a week and markedly below U.S. crude’s 50-day moving average. The U.K. may delay global travel beyond May 17 if Covid-19 infections continue to surge around the world, while Italy also extended some restrictions for travelers, adding further pressure to a recovery in oil consumption.