Saudi OilMin expresses his concerns on the coronavirus impact
|Citing people who heard the comments from the Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, Bloomberg reports that the oil minister expressed his concerns on the impact of the coronavirus outbreak on oil demand.
On being asked about the impact of the coronavirus on oil, he equated it with a burning house.
The minister added that one “can either treat it with a garden hose and risk losing the building, or call the fire brigade … calling the fire brigade would simply be acting responsibly, and you would save the house.”
Meanwhile, oil markets showed little reaction to the above comments, as both crude benchmarks consolidate the sharp correction from a three-week high reached earlier this session.
WTI trades with modest gains near $53.60 while Brent remains almost unchanged just above 59.00.
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