Oil falls as coronavirus hits demand; OPEC+ considers deeper cuts - Reuters

Oil falls as coronavirus hits demand; OPEC+ considers deeper cuts - Reuters:

Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support. 

Brent crude LCOc1 was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year.

U.S. West Texas Intermediate (WTI) crude CLc1 fell 58 cents to $50.98 after hitting a session low of $50.42, also the lowest since January last year.

As the coronavirus outbreak hit fuel demand in China, the world’s biggest crude oil importer, refiner Sinopec Corp (0386.HK) told its facilities to cut throughput this month by about 600,000 barrels per day (bpd), or 12%, the steepest cut in more than a decade.