REUTERS/Jim Urquhart

Oil slumped further on Tuesday as historic production cuts that OPEC agreed to over the weekend were overshadowed by the coronavirus pandemic's impact on global demand.

US West Texas Intermediate slid as much as 11%, to $19.96 per barrel, declining for the third day in a row. Brent crude fell more than 7%, to $29.39 per barrel at intraday lows.

WTI closed down 7.1%, while Brent ended the day 5.1% lower.

Saudi Arabia on Monday said it would be open to further production cuts in June if necessary.

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Oil slid on Tuesday as cratering demand from the coronavirus pandemic outweighed production cuts OPEC agreed to over the weekend.

US West Texas Intermediate slid as much as 11%, to $19.96 per barrel, declining for the third day in a row. International benchmark Brent crude fell more than 7%, to $29.39 per barrel at intraday lows. WTI closed down 7.1%, while Brent ended the day 5.1% lower.

The sharp drop in oil consumption as airlines cut flights and consumers are encouraged to stay home to curb the spread of COVID-19, the illness caused by the virus, has overshadowed OPEC's historic production cuts. Over the weekend, the group agreed to slash production by 9.7 million barrels per day, the largest-ever coordinated output cut.

The cuts will start in May and represent about one-tenth of global oil production.

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On Monday, Saudi Arabia said it would be open to further production cuts if necessary when the group and its allies meet in June. Still, it said it would oil lower production only if others in the OPEC+ alliance also agreed to cuts, a long-standing policy of the kingdom.

"We are still dealing with uncertainty related with the virus and its impact," Prince Abdulaziz bin Salman said during a conference call with reporters. "The will is there, and the structure is there."

He also said that forecasts for oil demand may be too pessimistic, in which case OPEC+ may not have to make any further cuts.

Oil prices have declined as much as 64% this year as the coronavirus pandemic has slowed demand.

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