Oil steadies after multi-day rout over China virus - Reuters

Oil steadies after multi-day rout over China virus - Reuters:

Oil futures steadied on Tuesday after five days of declines on concerns a virus outbreak in China could dent demand for oil, with some analysts suggesting the falls may be overdone.

Brent crude LCOc1 was down 4 cents at $59.28 at around 0540 GMT. On Monday it hit a three-month low of $58.50, as the virus outbreak triggered a global selloff of riskier assets.

U.S. West Texas Intermediate CLc1 was up 4 cents at $53.18, having spent most of Tuesday in negative territory after slipping to its lowest since early October in the previous session at $52.13.

The United States warned against travel to China and other countries put out advisories as the death toll from the spreading coronavirus outbreak rose to more than 100 people and left millions of Chinese stranded during the biggest holiday of the year.