Oil costs steadied early on Wednesday after sliding to their lowest in 4 years, sapped by fears for gas demand and the worldwide financial system amid journey and social lockdowns triggered by the coronavirus epidemic in quite a lot of nations all over the world.

Brent crude was up eight cents, or 0.3%, at $28.81 a barrel by 0029 GMT, after falling earlier to $28.40, the bottom since early 2016. The worldwide benchmark fell 4.3% on Tuesday.

U.S. crude was down 2 cents at $26.93 a barrel, after falling to as little as $26.20, additionally the bottom in 4 years. West Texas Intermediate fell 6% on Tuesday.

A fall in U.S. inventories of crude, gasoline and distillates, as reported by an business group, supplied some help to costs, however the demand outlook stays grim amid a value struggle amongst main producers.

"The demand...