Coronavirus: Global oil demand to fall first time in a decade

The world consumption of oil is set for its first fall in a decade, as global investors continue to focus on the coronavirus outbreak and whether or not it will derail the world economy this year. European shares inched ahead, as long-haul airlines including BA-owner IAG, Lufthansa, and AirFrance KML, which had been hit hard at the start of the outbreak, continued to claw back losses.

However, the price of crude oil, which has slumped on fears about the outlook for world growth this year, traded little changed at $57.44 a barrel.