Market fears and weak oil demand have prompted a continued oil price slide, with both the Brent crude and WTI crude benchmarks falling on Monday to lows not seen since the end of 2018. WTI was trading below the $50 per barrel mark, down $0.79 (-1.57%) on Monday afternoon near 4pm. Brent crude was trading down $ 1.20 (-2.20%) at $53.27.
PetroChina and Sinopec, the two largest oil refineries in China, have cut refinery run rates to compensate, alongside independent refineries who have done the same. So far, oil has slid 25% off this year’s peak as a result.