Oil extends decline as virus hits China demand

Oil prices extended their losses on Monday, dragged down by worries about lower demand in China, the world’s largest oil importer, following a coronavirus outbreak there.

Brent and US West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines cancelled flights to China. Supply chains across the world’s second-largest economy have also been disrupted, prompting its biggest refiner Sinopec to cut output.