Oil prices slide amid lingering coronavirus worries

LONDON, February 18, 2020 – Oil prices slid on Tuesday in Asia amid lingering demand concerns due to the coronavirus outbreak.

US Crude Oil WTI Futures fell 0.6% to $51.99 by 1:15 AM ET (05:15 GMT). International Brent Oil Futures slid 1.0% to $57.10.

The decline in oil prices came even after China reported that the number of new virus infection in the country continued to fall. On Tuesday, Chinese health authorities confirmed 1,886 new cases of coronavirus, and 98 new deaths.

China recently imposed tougher restrictions on travel and movement within the country to help limit the spread of the virus.

The International Energy Agency said earlier this month that the virus could lower oil demand by 435,000 barrels per day year-on-year in the first three months of the year, while global experts said it is still too early to claim the outbreak is being contained.

Traders are also awaiting news from the Organization of the Petroleum Exporting Countries and its allies on whether they will deepen production cuts to support oil prices.

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