Oil prices declined in early Asian trading on Monday, with WTI crude falling more than 1% to $39 a barrel amid lingering concerns about the coronavirus outbreak. Fears of a resurgence of Covid-19 in China, the world’s biggest crude importer, along with a record spike in new infections in several US states exacerbated concerns over crude demand. On the supply side, Iraq and Kazakhstan have pledged to comply better with oil cuts, meaning that production curbs by OPEC+ could deepen in July.
