Oil prices sank about 1 per cent on Tuesday as fears that energy demand would take a long-term hit from the growing coronavirus outbreak outweighed hopes for more production cuts from OPEC and its allies.

Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts

The OPEC and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018

Oil prices slip as US drilling undermines OPEC-led production cut

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Oil falls 1% as demand fears outweigh hopes for bigger OPEC+ cuts

Oil prices slip as US drilling undermines OPEC-led production cut