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Oil traders in Asia are expecting refineries to cut operating rates and extend shutdowns as the spread of coronavirus stops people from flying or traveling by road.

Oil traded near the lowest close since mid-October as the market was dominated by alarm that the deadly coronavirus will hurt economic activity in China and beyond.

Oil traded near a six-week low as industry data showing an increase in U.S. crude stockpiles reaffirmed expectations that global markets will be oversupplied in the first part of the year.

Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.

Oil rose for a fifth session, the longest run of gains since July, as a bigger-than-forecast decline in U.S. crude stockpiles eased oversupply concerns.

DUBAI, United Arab Emirates — Saudi Arabian oil company Aramco on Dec. 5 set a share price for its IPO — expected to be the biggest ever — that puts the value of the company at $1.7 trillion, more than Apple or Microsoft.

Heating oil prices in the northeast U.S. may jump during cold snaps this winter, as the closing of the region’s biggest refinery and new clean-fuel rules for ships trim supply.

PARIS — The world’s thirst for oil will continue to grow until the 2030s, with climate-damaging emissions climbing until at least 2040 — and consumers’ insatiable appetite for SUVs is a big reason why.

Offshore oil production is expected to hit a peak in 2020 before joining the shale industry in a slowdown that could dramatically rewrite market supply predictions.