Oil falls 2 per cent as concern over China virus threatens fuel demand

Oil prices fell 2 per cent on Thursday on concern that the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in U.S. crude inventories.

Brent crude futures fell $1.17, or 1.9 per cent, to settle at $62.04 a barrel. The session low was $61.25, the lowest since early December.

United States (US) West Texas Intermediate (WTI) crude ended down $1.15, or 2 per cent, at $55.59 a barrel, after hitting $54.77, its lowest since November.