Oil prices slipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.

Oil has dropped more than 20 per cent from a peak in January after the spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies.

Brent crude slipped to $54.23 a barrel by 0945 GMT, down 24 cents or 0.4 per cent. US West Texas Intermediate f ..

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