U.S. oil prices settle down nearly 4% as coronavirus outbreak spreads

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Oil futures settled lower on Monday, with U.S. prices losing almost 4% as the market continued to fret over the impact of coronavirus on energy demand. “It could be a bloodbath for oil in the short-term as the risks of a global pandemic will cripple travel and trade,” said Edward Moya, senior market analyst at Oanda, in a market update. He said U.S. benchmark crude futures may trade in the mid-$40s by the end of the week “if the number of cases continue to spread across Europe and the Middle East.” April West Texas Intermediate oil fell $1.95, or nearly 3.7%, to settle at $51.43 barrel on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.