Global economic output is expected to contract by 2% this year - worse than the financial crisis - while demand has collapsed by 30% because of the pandemic.
Foreign outflows could accelerate further if oil prices stay low
Analysts at Jefferies say the risk-reward is now favourable for investors to start buying
Brent crude futures settled at $62.44 a barrel, down 86 cents, or 1.4 per cent
The US-China trade dispute rocked global equity markets last week, while a surprise build in US crude stocks added downward pressure to oil prices
Broader financial markets were under pressure from the rise in US government yields towards 3%
Traders said prices fell after a 9.2 million barrel rise in gasoline stocks in the week ended December 1
I think it's going to be a struggle to move above $60 Brent: Oil Analyst
Rising US shale output suggested supplies would likely remain high