Peak Oil Review – 24 February 2020
Oil prices settled lower Friday, ending eight consecutive up days, due to the increasing spread of the coronavirus outside of China. London settled down 81 cents at $58.50, and New York finished 50 cents lower at $53.38. The pendulum of crude traders worrying first about the world swimming in oil and then worrying about supply shortages at the other end swung decisively to the latter on Wednesday. After reaching a one-month high on Thursday due to more sanctions on Venezuela, prices were hit hard ahead of the weekend as traders continue to be concerned over demand growth after weak Asian economic data fueled uncertainty about the economic outlook.