London, March 16 (ICIS) -- European crude oil futures have hit a new low as the price of naphtha continues to fall amid a worsening price war and an outbreak of the Coronavirus
Prices hit lows last seen before the financial crisis triggered a global recession in November 2008.
European spot naphtha prices fell 9 percent to $238 a ton (cost, insurance and freight in northwestern Europe) Monday afternoon, below Friday's closing price of $260.50 a ton.
Naphtha was hit by crude prices, with brent crude for may delivery at $30.67 a barrel at midday in Europe, down $3.18, or 9.3%, from Friday's close.
Uncertainty over Saudi Arabia's crude price war and growing fears of an outbreak have disrupted supply and demand for naphtha, affecting global trade and the economy.