TOKYO (Reuters) – Oil prices fell again on Thursday, adding to steep losses in the previous session after the U.S. banned travel from Europe following a declaration that the coronavirus outbreak is now a pandemic.
The threat of a flood of cheap supply compounded market concerns as Saudi Arabia promised to raise oil output to a record high in a standoff with Russia.
Brent crude () was trading down $1.03, or 2.9%, at $$34.76 by around 0130 GMT having switched in and out of positive territory before the U.S. announcement. The contract fell nearly 4% on Thursday.
U.S. crude () was down $1.13, or 3.4%, at $31.85 after dropping 4% in the previous session.
The United Arab Emirates followed Saudi Arabia in announcing plans to boost oil output after the collapse last week of an agreement between OPEC, Russia and other producers, a grouping known as…