Oil prices extended declines on Monday, dragged down by worries about lower demand in the world\u2019s largest oil importer China following the coronavirus breakout.<\/p>\n\n\n\n
\n\tBrent and US West Texas Intermediate crude fell for a fourth week in a \nrow last week after airlines cancelled flights to China, CNBC reported.<\/p>\n\n\n\n
\n\tSupply chains across the world\u2019s second largest economy have also been disrupted.<\/p>\n\n\n\n
\n\tBrent crude was at $55.83 a barrel, down 79 cents, or 1.4%, after \nlosing nearly 12% in January, the steepest monthly decline since \nNovember 2018.<\/p>\n\n\n\n
\n\tWTI crude fell 50 cents to $51.06 a barrel, after earlier hitting a \nsession low of $50.42. The front-month WTI price fell 15.6% in January, \nthe biggest monthly drop since May.<\/p>\n\n\n\n
\n\tChina\u2019s factory activity stalled in January as export orders fell while\n analysts expect a big plunge in February\u2019s data as the virus outbreak \nhit demand in the country, even as the central bank planned to inject \nmore liquidity to shore up its economy.<\/p>\n\n\n\n
\n\t\u201cThe shuttering of airports suggests that there would be at least some \ndemand delay, if not deferred or destroyed,\u201d said Michael McCarthy, \nchief market strategist at CMC Markets in Sydney.<\/p>\n\n\n\n
\n\tThe Organization of the Petroleum Exporting Countries and its allies \ncould bring forward their March meeting to February to discuss the \nimpact on oil demand from the virus flare-up.<\/p>\n\n\n\n
\n\tOPEC\u2019s oil output plunged in January to the lowest since 2009 after \nseveral members led by Saudi Arabia over delivered on a new agreement to\n cut production and as Libya\u2019s supply slumped.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices extended declines on Monday, dragged down by worries about lower demand in the world\u2019s largest oil importer China following the coronavirus breakout. Brent and US West Texas Intermediate crude fell for a fourth week in a row last week after airlines cancelled flights to China, CNBC reported. Supply chains across the world\u2019s second […]<\/p>\n","protected":false},"author":1,"featured_media":2991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8,7],"tags":[721,56,1026],"yoast_head":"\n