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Oil prices fall 1% as market weighs coronavirus impact

on demand

Oil prices fell by more than 1 per cent on Tuesday, tracking losses in financial markets on lingering concerns over the

economic impact of the coronavirus outbreak in China and its effect on oil demand.

Brent crude was at $56.88 a barrel, down 79 cents, or 1.4 per cent, by 0746 GMT, while US West Texas Intermediate

crude fell 57 cents, or 1.1 per cent, to $51.48 a barrel.

Oil prices remain heavy as energy traders may have been overly optimistic as to the crude demand impact of the

coronavirus, and on fading optimism that OPEC+ will come through with deeper production cuts in March,” said

Edward Moya, senior market analyst at OANDA.

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