Oil Drops Toward Lowest Since October — Market Talk

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January 22, 2020
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Oil Drops Toward Lowest Since October — Market Talk

09:37 ET – US oil prices continue to spiral lower, dropping 3% to $55.01 and putting them on target for their lowest closing price since Oct. 31. Crude’s fall comes from dual worries of rising US oil and fuel inventories that point to oversupply, and a viral outbreak in China that could sap global demand. Peter Cardillo at Spartan Capital tells WSJ that while he believes the implications of the China virus are being “overplayed” in financial markets, they shouldn’t be dismissed either, especially if they become more of an international issue beyond China. Cardillo adds US inventories are also bearish, but says “once we see the inventory situation settle down,” WTI should begin to rebound. (dan.molinski@wsj.com)

(END) Dow Jones Newswires