Brent and WTI prices fell sharply on Tuesday as concerns about demand prospects resurfaced.

A barrel of Brent North Sea oil for May delivery fell 5.92% or $3.83 to $60.79 from Monday's close.
In New York, the US barrel of WTI for May, which is the first day of use as a benchmark contract, fell 6.17% or 3.80 dollars, to 57.76 dollars.
The two contracts which lost more than 6% last week, a first this year, fell back to their price level of six weeks ago.

For Carsten Fritsch, energy analyst at Commerzbank Research, the measures relating to the coronavirus which further restricts mobility should have a corresponding negative impact on oil demand.
The International Energy Agency, in its monthly report published last week, predicts that oil demand will not return to its pre-health crisis level until 2023.

Moreover, the prospects of growing supply are adding pressure on crude prices. According to Thinkmarkets' Fawad Razaqzada, members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies via the OPEC+ deal plan "to slowly ease their supply restrictions, while shale oil production in the United States should accelerate."