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Oil prices are increasing their losses

UNITED STATES (OBSERVATORY NEWS) — Oil prices continued to fall during trading on Monday, affected by concerns about demand for crude in China after the outbreak of the Corona virus, although the prospects for greater production cuts from OPEC and its allies provided some support to the market.

Brent crude futures fell $ 55.62 a barrel by 1434 GMT, the lowest level since January 2019.

The US benchmark West Texas Intermediate fell 58 cents to $ 50.98 a barrel after hitting earlier in the session $ 50.42, which is also the lowest level since January 2019.

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