Oil price falls for 3rd day as virus fears accelerate on U.S. warning

Brent crude fell US$1.35, or 2.4%, to settle at $54.95 a barrel. U.S. West Texas Intermediate crude dropped $1.53, or 3%, to settle at $49.90 a barrel.

NEW YORK: Crude prices fell about 3% on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus grew after the U.S. government warned Americans to prepare for the disease.

The sell-off accelerated after the U.S. Centers for Disease Control and Prevention said Americans should begin to prepare for the new coronavirus to spread after reports this week of new cases in several more countries.