Oil is falling amid concerns about global demand for crude

Oil prices fell by more than 2% today amid increasing concern about global oil demand with the spread of Coronavirus in China in addition to concern about the disruption of Libyan crude production.

Brent crude futures fell by $ 1.38, or 2.1% to $ 63.21 a barrel, and US West Texas Intermediate crude futures fell $ 1.64, or 2.8%, to $ 56.74 a barrel.

The decline of West Texas crude came after data from the American Petroleum Institute showed that US crude stocks rose to 1.6 million barrels last week and gasoline stocks in the United States rose to 4.5 million barrels.