Oil slides lower as traders evaluate China's demand, await OPEC+ cuts - Reuters

Oil slides lower as traders evaluate China's demand, await OPEC+ cuts - Reuters:

Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets.

Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fueled concerns of excess supplies. 


Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since Jan. 2, 2019, before recovering to $54.32 by 0804 GMT, down 15 cents.

U.S. West Texas Intermediate CLc1 fell 17 cents to $50.15 a barrel after striking a low of $49.56.