LONDON (Reuters) – 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% 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 (LCOc1) slipped to $54.27 a barrel by 1145 GMT, down 20 cents or 0.4%. U.S. West Texas Intermediate (CLc1) fell 18 cents or 0.4% to $50.14 a barrel.
“The concern remains that the wider markets have yet to reflect the full impact of the disruption,” said Saxo Bank commodity strategist Ole Hansen