Oil prices dropped on Monday over concerns that the coronavirus outbreak could potentially weigh on crude demand.
The West Texas Intermediate (WTI) for March delivery settled 0.75 U.S. dollar lower at 49.57 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped 1.2 dollars to close at 53.27 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries and its allies, including Russia, were not able to reach an agreement last week on a suggestion by the Joint Technical Committee to cut the output by additional 600,000 barrels a day to respond to the outbreak, as Russia believes it needs more time to consider the proposal. Enditem