Crude Oil price falls for fifth day as coronavirus spreads outside of China
TOKYO: Crude Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China deepened fears that the global economy will slow and lower crude demand.
Brent crude was down 77 cents, or 1.4 per cent at $52.66 a barrel at 0204 GMT. The contract earlier fell to its lowest since Jan. 4, 2019. West Texas Intermediate (WTI) futures fell by 80 cents, or 1.6 per cent, to $47.93 a barrel. The contract earlier fell to its lowest since Jan. 2, 2019.
Brent prices have dropped 11 per cent in the past five trading sessions through Thursday, the biggest five-day percentage loss since August 2019. WTI has declined 10.8 per cent over the same period, also the biggest five-day percentage drop since August 2019.
