Oil Sinks to 7-Week Low As Growing Viral Threat to Hurt Demand
- Plunge deepens after industry group notes growing stockpiles
- New York-traded futures tumble toward the $56-a-barrel mark
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Oil declined to a seven-week low on concerns that a deadly virus that’s spreading from China will crimp energy demand in a market already awash with supplies.
Futures lost almost 4% in New York on Wednesday as the death toll from the virus climbed, travel restrictions were imposed on the city from which it emerged, and the World Health Organization mulled an international emergency declaration.