On Tuesday, WTI Crude prices declined by 1.00 percent to close at $59.6 per barrel as the Coronavirus outbreak in China raised severe demand concerns for fuel. WTI Crude prices continued its long losing streak as markets expected that the economic damage due to the Virus outbreak might dent the demand for fuel. Moreover, the economic fallout in China, the biggest crude consumer further weighed on the prices. OPEC+ stated that they might further trim their production activities to fight back the possible chances of a squeeze on global oil demand which has pushed the prices lower. Excessive supply cuts by OPEC might provide some support for Crude.
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