Oil near flat; virus impact offsets Libya supply disruptions | Financial Post

Oil near flat; virus impact offsets Libya supply disruptions | Financial Post:

Oil prices were near flat on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China, but prices drew support from a reduction in supply from Libya.

Brent crude rose 8 cents to settle at $57.75 a barrel. U.S. West Texas Intermediate (WTI) crude futures were unchanged from the previous session, settling at $52.05 a barrel.

Though new cases of the coronavirus in mainland China have dipped, global experts said it was too early to judge if the outbreak is being contained. Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus.

The virus is having a wider impact on financial markets. Asian shares fell and Wall Street also retreated after Apple Inc said it would miss quarterly revenue guidance due to slower iPhone production and weakened demand in China.