Coronavirus: Oil holds steady even as outbreak continues to have impact

This comes a week after oil rose for the first time since early January on hopes that Chinese measures would lead to improving demand

China’s coronavirus epidemic continues to remain a concern globally with the outbreak now claiming at least 1,770 lives. The concerns weighed heavy especially since China is the world's largest oil importing country.

Oil prices remained steady on Monday as worries over the economic fallout of the outbreak were balanced-out by investor hopes that the Organization of the Petroleum Exporting Countries (OPEC) and its allies will approve a proposal to further cut production to tighten global supplies and support prices.

This comes a week after oil rose for the first time since early January on hopes that Chinese measures amid the