Oil prices extended their losses on Monday, dragged down by worries about lower demand in China, the world’s largest oil importer, following a coronavirus outbreak there, APA reports quoting Reuters.
Brent and U.S. West Texas Intermediate (WTI) crude fell for a fourth week in a row last week after airlines canceled flights to China. Supply chains across the world’s second-largest economy have also been disrupted, prompting its biggest refiner Sinopec to cut output.
Brent crude was at $56.14 a barrel by 0241 GMT, down 48 cents, or 0.9%, after losing nearly 12% in January, the steepest monthly decline since November 2018.
U.S. West Texas Intermediate (WTI) crude fell 24 cents to $51.32 a barrel, after earlier hitting a session low of $50.42. The front-month WTI price fell 15.6% in January, the biggest monthly drop since May.