Oil hits 13-mth low on weak Chinese demand, traders eye OPEC+ cuts

Reuters
The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. (Reuters)
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  • Brent plumbs lowest levels in 13 months
  • OPEC+ considers cutting output by another 600,000 bpd

NEW YORK: Oil prices fell to their lowest since January 2019 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.
Oil has dropped over 25% from a peak in January after the spreading virus hit demand in China, the world’s largest oil importer, and fueled concerns of excess global supplies.
Brent futures fell 99 cents, or 1.8%, to $53.48 a barrel by 12:05 p.m. EST (1705 GMT), while US West Texas Intermediate crude fell 56 cents, or 1.1%, to $49.76.
That keeps both Brent and WTI in oversold territory for 13 days and 14 days, respectively, their longest bearish streaks since Nov. 2018. If Brent closes at its current level, it would be its lowest settle since December 2018.
The premium of the Brent front-month over the same WTI contract

Topics: Oil China OPEC