TOKYO: Oil prices fell again on Thursday, adding to steep losses in the previous session after the U.S. banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic.
U.S. crude was down US$1.13, or 3.4per cent, at US$31.85 after dropping 4per cent in the previous session. UAE's national oil company, ADNOC, said it plans to raise crude sales to more than 4 million barrels per day and accelerate a push to boost capacity by a quarter to 5 million bpd.The push comes as the coronavirus outbreak spreads around the world at a rapid rate, prompting countries from Italy to Iran to take ever more drastic measures like lockdowns to control the spread. U.S. President Donald Trump late on Wednesday U.S. time announced a ban travelers from Europe.
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