Oil prices fall on oversupply worries as virus hits China demand
China
Oilpriceson Monday extended their decline from an early January peak above $70 as the spectre of excess supplies loomed over the market after the spreading coronavirusoutbreak hitdemandinChina, the world's largestoilimporter.
Brent crudehit a low of $53.63 a barrel and was at $54.09,down 38 cents. USWest Texas Intermediate fell 38 cents to $49.94 a barrel after striking a low of $49.56.
Worriesover supply were not alleviated on Friday when Russia said it need more time to decide on a recommendation from a technical committee that has advised the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by a further 600,000 barrels per day.
Russia Energy Minister Alexander Novak said Moscow needed more time to assess the situation, adding that UScrude production growth would slow and globaldemandwas still solid.
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The proposal for the further cuts "failed to alleviate the pressure onoil, in part because the proposal has yet to be formally discussed by OPEC ministers and because Russia continues to push back against further cuts," said Stephen Innes, chief market strategist at AxiCorp.
"If the cartel fails to reach an agreement, there will be more pain to come inoil(on the) downside."
Oiltraders also said they are concerned the proposed reduction would not be sufficient to tighten global markets.