U.S. crude futures slide below $ a barrel for the second time this month.
Chinese energy demand is said to be plunging in the wake of the coronavirus outbreak.
Russia and Saudi Arabia are at odds about production cuts, which threatens to undermine Moscow’s testy relations with OPEC.
Crude prices nosedived on Monday, as the rapidly spreading coronavirus dampened the demand outlook for oil’s biggest consumer market.
Russia and Saudi Arabia are reportedly at odds over how to adjust supplies in the wake of the negative demand shock.
Oil Prices Fall
The West Texas Intermediate (WTI) benchmark for U.S. crude prices fell nearly 2% to $ . a barrel on the New York Mercantile Exchange, its lowest in around 49 months. The futures contract is coming off its fifth straight weekly decline.
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