Oil prices fell by more than 1 per cent 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 was at $56.88 a barrel, down 79 cents, or 1.4 per cent, by 0746 GMT, while US West Texas Intermediate
crude fell 57 cents, or 1.1 per cent, to $51.48 a barrel.
“Oil prices remain heavy as energy traders may have been overly optimistic as to the crude demand impact of the
coronavirus, and on fading optimism that OPEC+ will come through with deeper production cuts in March,” said
Edward Moya, senior market analyst at OANDA.