Oil prices on Monday extended their decline from an early January peak above $70 as the specter of excess supplies loomed over the market after the spreading coronavirus outbreak hit demand in China, the world’s largest oil importer. U.S. West Texas Intermediate fell 38 cents to $49.94 a barrel after striking a low of $49.56. Worries over supply were not alleviated on Friday when Russia said it need more time to decide on a recommendation from a technical committee that has advised the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by a …read more
Source:: Yahoo Finance
