Oil fell below $55 a barrel on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.
Crude fell almost 4% on Monday, with other commodities also reporting losses while U.S. and European equities suffered their steepest declines since mid-2016 on concern the coronavirus outbreak could turn into a pandemic.
Brent crude fell $1.48 to trade at $54.86 per barrel. U.S. West Texas Intermediate crude slipped $1.53 to settle at $49.90 per barrel, its first settle under the key $50 level since Feb. 11.
Source : Reuters