Oil prices continue downward spiral
The price of OPEC basket of fourteen crudes stood at $55.51 a barrel on Monday, 3 February 2020, compared with $58.94 the previous Friday, according to OPEC Secretariat calculations. .
Oil prices continued their downward slide on Monday, with Brent crude falling 4.19% by 4:20pm EDT,
Brent crude was trading at $54.26 per barrel
WTI crude was trading down on Monday, at $49.99
China is reportedly cutting its March orders from Saudi Arabia.
Sinopec has already cut its refinery production this month by 600,000 bpd.
Coronavirus cases in China has huge impact on oil Markets
Source : Media
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