Oil prices drop to lowest in more than a year as coronavirus spreads

Brent crude settled at $53.43 a barrel, shedding US$1.52, or 2.77%, while U.S. West Texas Intermediate (WTI) crude settled at $48.73 a barrel, down $1.17, or 2.34%. Earlier in the session, both benchmarks hit their lowest since January 2019, with Brent sinking to $53.03 a barrel and WTI dipping to $48.30.

NEW YORK: Oil prices fell to their lowest in more than a year on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus could spread across the United States.

Brent crude settled at $53.43 a barrel, shedding US$1.52, or 2.77%, while U.S. West Texas Intermediate (WTI) crude settled at $48.73 a barrel, down $1.17, or 2.34%. Earlier in the session, both benchmarks hit their lowest since January 2019, with Brent sinking to $53.03 a barrel and WTI dipping to $48.30.