Oil price slides 1% on renewed fears over toll from coronavirus

Brent crude tumbled as more than 2% at one point before settling down 81 cents, or 1.4%, at $58.50 a barrel. U.S. crude futures settled 50 cents lower, or 0.9%, at $53.38.

BENGALURU: Oil prices fell about 1% on Friday on renewed concerns about crude demand being pinched by the economic impact of the coronavirus outbreak, while OPEC and allied producers appeared to be in no rush to curb output.

The latest signs of infections outside the Hubei province epicenter in China spurred a selloff across financial markets, as G20 policymakers traveled to Saudi Arabia for talks on the global economy.