Oil prices fell on Thursday after OPEC and IEA reports cut back demand forecasts for this year on the back of the coronavirus outbreak in China, the world's biggest oil importer.
Brent crude fell 34 cents, or 0.6%, to $55.45 per barrel. U.S. West Texas Intermediate fell 10 cents, or 0.2%, to $51.07 per barrel.
Oil demand in China, the world's second-largest crude consumer, has plunged because of travel restrictions to and from the country and quarantines within it.
Oil refiner China National Chemical Corp on Thursday said it would close a 100,000 barrel per day (bpd) plant and cut processing at two others amid falling fuel demand.
Source : Reuters