Oil extends decline on concerns about virus' impact on China demand

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Oil extends decline on concerns about virus' impact on China demand
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Oil prices extended declines on Monday, dragged down by worries about lower dema...

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Brent and U.S. West Texas Intermediate crude fell for a fourth week in a row last week after airlines canceled flights to China. Supply chains across the world’s second largest economy have also been disrupted. U.S. West Texas Intermediate crude fell 50 cents to $51.06 a barrel, after earlier hitting a session low of $50.42. The front-month WTI price fell 15.6% in January, the biggest monthly drop since May.

“The shuttering of airports suggests that there would be at least some demand delay, if not deferred or destroyed,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

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