Oil price lower on coronavirus fears despite Fed rate cut and hopes for OPEC+ output cut

Global benchmark Brent crude settled down 4 cents at US$51.86 a barrel, after a volatile session. U.S. crude settled up 43 cents a barrel at $47.18.

NEW YORK: The global oil benchmark ended Tuesday slightly lower under pressure from falling equities, but the losses were contained slightly as top producers considered more output cuts to support prices and the Federal Reserve cut U.S. interest rates to support the economy.

Oil fared better than other risk assets classes, with U.S. crude gaining slightly in the session, even as equity markets fell more than 3%.