Oil prices edged down on Monday but held recent ranges as traders assessed China...
SINGAPORE - Oil prices edged down on Monday but held recent ranges as traders assessed China’s oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets.
Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since January 2019, before recovering to $54.37 by 0517 GMT, down 10 cents.“The overall sentiment is still bearish but markets are oversold,” said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore. He added traders took profit after prices hit technical support levels.
Worries over supply were not alleviated on Friday when Russia said it needed more time to decide on a recommendation from a technical committee that has advised the Organization of the Petroleum Exporting Countries and its allies to cut production by a further 600,000 barrels per day.
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