Oil extends decline as virus hits demand in China
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.
Brent crude was at $56.14 a barrel by 0241 GMT, down 48 cents, or 0.9 per cent, after losing nearly 12 per cent in January, the steepest monthly decline since November 2018.
