Oil extends decline on concerns about virus’ impact on China demand

Singapore: Oil prices extended declines on Monday, dragged down by worries about lower demand in the world’s largest oil importer China following the coronavirus breakout.

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.

Brent crude was at $55.83 a barrel by 0047 GMT, down 79 cents, or 1.4%, after losing nearly 12% in January, the steepest monthly decline since November 2018.