Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers would cut output further to balance markets.
Oil is off more than 20 per cent from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies.
Brent crude slipped to $53.63 a barrel in early Asian trade, the lowest since January 2, 2019, before recovering to $54.32 by 0804 GMT, down 15 cents.
US West Texas Intermediate fell 17 cents to $50.15 a barrel after striking a low of $49.56.
