Oil prices are lower in early Asian trade on growing concerns that the coronavirus pandemic will sharply impact global growth.
Oil demand is likely to remain seriously dampened by the pandemic, Commerzbank says. However, oil prices may rise in the second half of the year as demand could benefit from the lower oil prices once the coronavirus abates, it adds.
Front-month WTI is down 0.6% at $31.32 a barrel, while Brent futures are down 0.4% at $33.08 a barrel.
Source : Bloomberg