Asia’s Demand For Middle East Oil Plunges On Coronavirus Outbreak

The spot market for Middle East crude cargoes loading in April was virtually non-existent this week, as demand continues to be depressed due to the coronavirus outbreak while buyers are waiting for cargoes to become even cheaper than they are now, trade sources told S&P Global Platts on Friday. There was no buying interest or market activity for the April trading cycle this week, as refiners in China are cutting refinery runs, while commodity trading houses and oil majors are scrambling to find spot buyers for crude oil outside…