UPDATE 8-Oil drops to 13-mth low on weak Chinese demand, traders eye OPEC+ cuts

* Brent plumbs lowest levels in 13 months
* Brent premium over WTI falls to lowest since August 2019
* OPEC+ considers cutting output by another 600,000 bpd
* China takes steps to support financial markets, economy

(Adds quote, latest prices)
By Scott DiSavino
NEW YORK, Feb 10 (Reuters) - Oil prices fell to their lowest
level since December 2018 on Monday on weaker Chinese demand in
the wake of the coronavirus outbreak and as traders waited to
see if Russia would join other producers in seeking further
output cuts.
Oil has dropped more than 25% from a peak in January with
U.S. crude back below $50 a barrel after the spreading virus hit
demand in China, the world's largest oil importer, and fuelled
concerns about excess global supplies.
Brent futures LCOc1 fell $1.20, or 2.2%, to settle at
$53.27 a barrel, their lowest close since Dec. 28, 2018, while
U.S. West Texas Intermediate crude CLc1 fell 75 cents, or
1.5%, to settle at $49.57, the lowest close since Jan. 7, 2019.
That keeps both Brent and WTI in oversold territory for 13
days and 14 days, respectively, their longest bearish streaks
since November 2018.
The premium of the Brent front-month over the same WTI
contract WTCLc1-LCOc1 , meanwhile, fell to its lowest level
since August 2019.
"Oil markets are continuing to experience downward pressure
from the coronavirus health crisis, which has brought China's
transport and manufacturing sectors to a virtual standstill,"
analysts at Eurasia Group said in a report.
China's crude oil and natural gas imports have tumbled, as
most Chinese refiners have significantly cut operations while
import terminals slash orders for new shipments and some have
declared force majeure. Beijing has orchestrated support for its companies and
financial markets in the past week and investors are hoping for
more stimulus to lift the world's second-biggest economy.

Worries over supply were not alleviated on Friday when
Russia said it needed more time to decide on a recommendation
from a technical committee that has advised the Organization of
the Petroleum Exporting Countries (OPEC) and its allies to cut
production by a further 600,000 barrels per day
(bpd). The group, known as OPEC+, has been implementing cuts of 1.2
million bpd since January 2019 to reduce the global supply glut
and prop up crude prices.
Algeria's Oil Minister Mohamed Arkab said on Sunday the
committee had advised further output cuts until the end of the
second quarter.
Russia's Energy Minister Alexander Novak said Moscow needed
more time to assess the situation, adding that U.S. crude
production growth would slow and global demand was still solid.
"The lack of enthusiasm from the Russians to deliver an
additional 600,000 barrels per day in deeper production cuts
could prove (costly) in stabilizing prices in the short-term,"
Edward Moya, senior market analyst at OANDA in New York, said in
a report.
Oil traders also said they were concerned the proposed
reduction would not be sufficient to tighten global markets as
China's state refiners have said they would cut refining
throughput by about 940,000 bpd this month.