Oil Sinks to Lowest in a Year as OPEC Dithers on Output Cut
- WTI closes below for $50 a barrel for second time this year
- OPEC unlikely to meet in February: Azerbaijan energy minister
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Oil fell below $50 a barrel to the lowest level in more than a year as prospects for an emergency meeting by OPEC+ withered, raising fears of a supply glut at the same time that the coronavirus is hitting global demand.
Futures tumbled 1.5% in New York on Monday. The Organization of Petroleum Exporting Countries is unlikely meet in February to discuss the impact of the conoravirus on oil markets, Azerbaijan’s energy minister told the RIA Novosti newswire -- leaving the possibility of further production cuts up in the air. Brent’s so-called red spread -- the difference between December contracts in consecutive years -- sank into bearish contango for the first time since August.