Oil

Crude oil prices fall to 3-month low over coronavirus fears

Pedestrians wearing face masks cross a road in Hong Kong
Pedestrians wearing face masks cross a road in Hong Kong on Jan. 27. Photo: Anthony Wallace/AFP via Getty Images

Crude oil prices fell to their lowest levels in over three months Monday as traders weigh how much the spread of the coronavirus will eat into demand because travel and economic activity is curtailed.

Why it matters: The sharp drop, which follows declines last week, shows how the spreading virus is rippling through global markets.

Hilco Redevelopment Partners to pay $240 million for Philadelphia Energy Solutions

Philadelphia Energy Solutions fuel tank
Photo: Getty Images

Hilco Redevelopment Partners will pay $240 million to buy Philadelphia Energy Solutions, a 5,000 acre oil refinery property in South Philadelphia, per bankruptcy court documents.

Why it matters: PES was the East Coast's oldest and largest oil refinery, before being partially destroyed by a fire and explosions last year. There had been hopes that this sale process would find a buyer interested in rebuilding and restarting the plant, which had employed around 1,000 people, but Hilco says it has no plans to do so.