© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland

By Jessica Jaganathan

SINGAPORE (Reuters) – Oil prices fell on Tuesday, tracking losses in financial markets on lingering concerns over the economic impact of the coronavirus outbreak in China and its effect on oil demand.

Brent crude (LCOc1) was at $57.07 a barrel, down 60 cents, or 1%, by 0348 GMT, while U.S. West Texas Intermediate crude (CLc1) fell 38 cents, or 0.7%, to $51.67 a barrel.

“Oil prices remain heavy as energy traders may have been overly optimistic as to the crude demand impact of the coronavirus, and in fading optimism that OPEC + will come through with deeper production cuts in March,” said Edward Moya, senior market analyst at OANDA.

“Optimism that China would see a return to normalcy in travel and trade next quarter was probably wrong… The rest of world is exercising caution on virus spreading fears and that will do no favors for crude’s demand outlook.”

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