U.S. oil prices headed lower early Monday, with persistent worries about a flare up in tensions between China and the U.S. over the former’s handling of the outbreak of the novel strain of coronavirus seen as one catalyst for a downbeat mood in an asset that has already been dogged by fears of oversupply.
The COVID-19 pandemic already has delivered a punishing blow to demand for crude, as economies contract amid attempts to control the spread of the deadly pandemic. Signs of rising Sino-American tensions are likely to produce fresh headwinds for the beleaguered asset, industry analysts say.
