Oil falls as coronavirus hits Chinese crude demand

Brent crude falls as China cuts refining rates on virus outbreak

LONDON/SINGAPORE - Oil prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in top crude importer China after a new coronavirus outbreak spread from there to around 20 other countries.

U.S. West Texas Intermediate crude fell 5 cents to $51.51 a barrel, after earlier hitting a session low of $50.42, the lowest since January 2019. “The oil market is under pressure and prices have dropped to under $60 a barrel and efforts must be made to balance it,” Zanganeh said. “The market needs assurances that the supply/demand equation remains in balance for prices to hit a floor. This suggests a commitment from OPEC not just to extend oil supply cuts, but even implement deeper ones beyond March,” said FXTM analyst Hussein Sayed.

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