Benchmark oil logs worst weekly loss in a year as China virus fears swell

Oil field

NEW YORK: Crude prices sank more than 2% on Friday and Brent logged its biggest weekly decline in more than a year as concerns that a coronavirus will spread farther in China, the world's second-largest oil consumer, curbing travel and oil demand.

The virus that has killed 26 people and infected more than 800 has prompted the suspension of public transport in 10 Chinese cities, while cases of infection have been found in several other Asian countries, France and the United States.