Oil prices declined on Monday as worries about potential softening demand for crude oil persisted, weighing on the market.
Market participants were worried that concerns surrounding the coronavirus would have negative impact on oil demand and economic growth.
The West Texas Intermediate (WTI) for March delivery settled 1.05 U.S. dollars lower at 53.14 dollars a barrel on the New York Mercantile Exchange. Monday’s decline followed two straight weeks of losses for the contract.
Brent crude for March delivery dropped 1.37 dollars to close at 59.32 dollars a barrel on the London ICE Futures Exchange. Enditem
