Oil prices slip on lingering concerns over economic impact of coronavirus
Oil prices slipped on Tuesday on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand, tracking losses in financial markets.
Brent crude was at $57.30 a barrel, down 37 cents, or 0.6%, by 0126 GMT, while U.S. West Texas Intermediate crude fell 15 cents, or 0.3%, to $51.90 a barrel.
“While it’s more comfortable to call oil higher, given the likely pent-up demand to lead to a recovery from the second quarter, it’s far too early to suggest oil market concerns have dissipated,” said Stephen Innes, chief market strategist at AxiCorp.
