WTI crude oil prices are still on the decline into a fresh trading week as worries about the coronavirus and its economic impact dent demand for oil, especially in China. At the time of writing, WTI crude oil is trading at around $50.19 per barrel.

While crude oil prices have been depressed over the past few weeks over the epidemic weakening demand at China because of the prolonged shutdown, they did receive some relief in the past week over hopes that OPEC could curtail crude production to offset the fall in demand. However, oil prices resumed their slide after recent comments by Russia expressing hesitation in further supply cuts.

Oil markets are also trading bearish over anticipation that demand is going to continue remaining weak despite any possible curbs in crude production. Meanwhile, some factories and ports in China are expected to open this week after the extended lunar new year holiday extent of resumption remains unclear due to the severity of the virus outbreak.