Oil prices continued to decrease on Monday due to worries over demand after the outbreak of coronavirus in China, the world’s largest oil importer. The U.S.crude has the potential to change the price movement upwards.
Last week, Brent and WTI crude oil futures tumbled for the fourth week in a row after airlines canceled flights to China. To crown it all, supply chains were disrupted in the world’s second largest economy, nudging Sinopec, the largest Chinese oil refining company, to lower production.
The international benchmark Brent futures with April delivery eased by 0.62 percent, to $56,27 per barrel, while WTI March futures reduced previous losses, being still down by 0.02 percent, at $51.55 per barrel at 0845 GMT, with a potential possibility to reverse movement.
Saudi Arabia has begun discussions to change the upcoming OPEC+ meeting from March to early February, as it became known due to four sources told OPEC+ last week after a sharp tumble in oil prices, alarming Riyadh.