Oil mixed after slipping to lowest since early 2016 amid coronavirus chaos

TOKYO, March 18 (Reuters) - Oil prices steadied early on
Wednesday after sliding to their lowest in four years, sapped by
fears for fuel demand and the global economy amid travel and
social lockdowns triggered by the coronavirus epidemic in a
number of countries around the world.
Brent crude LCOc1 was up 8 cents, or 0.3%, at $28.81 a
barrel by 0029 GMT, after falling earlier to $28.40, the lowest
since early 2016. The international benchmark fell 4.3% on
Tuesday.
U.S. crude Clc1 was down 2 cents at $26.93 a barrel, after
falling to as low as $26.20, also the lowest in four years. West
Texas Intermediate fell 6% on Tuesday.
A fall in U.S. inventories of crude, gasoline and
distillates, as reported by an industry group, provided some
support to prices, but the demand outlook remains grim amid a
price war among major producers.
"The demand prospect (is) looking even more dismal today as
everyone rushes to revise demand growth lower," said Stephen
Innes Global, chief markets strategist at AxiCorp.
In efforts to support economies, the world's richest nations
prepared to unleash trillions of dollars of spending to lessen
the fallout from the coronavirus outbreak, as well as imposing
social restrictions not seen since World War Two. Meanwhile, Virgin Australia became the latest airline to
shut down its international network with the suspension of all
international flights, while Prime Minister Scott Morrison
warned that the situation could last six months or more.
Elsewhere, Iraq's oil minister pleaded for an emergency
meeting between members of the Organization of the Petroleum
Exporting Countries (OPEC) and non-OPEC producers to discuss
immediate action to help balance the oil market.
A price war has broken out amid the evaporation of demand
after an agreement on withholding supply OPEC and major
producers including Russia collapsed.