Oil prices have fallen more than 20% since last January due to the Corona virus

Oil prices fell on Monday, as dealers evaluated China's demand for crude after the coronary virus outbreak and waited to see if major producers would cut supplies further to adjust market balance, according to Reuters.

The price of oil fell more than 20% from recorded in January after the outbreak of the virus affected demand in the world's largest crude consumer and fueled fears of oversupply.

Brent crude fell to $ 53.63 a barrel in early Asian trade, recording its lowest level since January 2, 2019, but later reduced its losses to $ 54.32 by 0804 GMT, down 15 cents.

US West Texas Intermediate crude fell 17 cents to $ 50.15 a barrel, after falling to $ 49.56.

"The general trend is still to bet on lower prices, but there is an exaggeration in the market downturn," said Avtar Sandu, head of commodities trading at Philips Futures in Singapore.

He added that the dealers intend to take profits from short selling after the prices have reached technical support levels.