Oil prices were little changed on Monday as concerns of falling fuel demand caused by the economic fallout from the coronavirus outbreak in China were offset by expectations that output cuts from major producers will tighten crude supply.
Brent crude LCOc1 was at $57.27 a barrel, down 5 cents by 0754 GMT after rising 5.2% last week, the biggest weekly gain since September 2019.
U.S. West Texas Intermediate crude CLc1 rose 3 cents to $52.08 a barrel, after a 3.4% gain last week.
Japan, the world’s fourth-largest oil consumer, reported an economic contraction of 6.3% for the October to December period and there is an expectation of a further contraction in the January to March quarter because of the contagion. Singapore, whose trade-dependent economy is a barometer for the region, also warned of the potential for a recession this quarter because of the outbreak.